European stocks were little changed as a decline by banks offset better-than-estimated earnings that boosted confidence in the global economic recovery. Asian shares advanced and U.S. index futures fluctuated. Rio Tinto Group climbed to a two-year high in London after reporting record iron ore production. Syngenta AG, the world’s biggest maker of agricultural chemicals, rose 3 percent as sales beat analysts’ estimates. Vodafone Group Plc gained 1.4 percent as Nomura Holdings Inc. recommended buying the shares. Barclays Plc led a decline by banks amid concern that lenders may have to raise more capital. The Stoxx Europe 600 Index rose less than 0.1 percent to 266.3 at 11:42 a.m. in London, having earlier climbed as much as 0.6 percent. The gauge has advanced 2.5 percent this month amid speculation that the Federal Reserve will announce plans to stimulate economic growth at its Nov. 2-3 meeting. The MSCI Asia Pacific Index jumped 2 percent today, while futures on the Standard & Poor’s 500 Index gained less than 0.1 percent. “Corporate earnings won’t disappoint in Europe,” said Markus Steinbeis, head of equity portfolio management at the Unterfoehring, Germany-based unit of Pioneer Investments KGmbH, which oversees about $221 billion globally. “The world’s economic growth overall is solid and markets are anticipating the Fed will bring in more money. There won’t be major headwinds in the weeks to come.” U.S. Earnings Of the eight S&P 500 companies to have reported results since Oct. 8, seven have beaten analysts’ estimates for net income and sales, according to data compiled by Bloomberg. Eighteen companies in the S&P 500 are scheduled to release third-quarter results this week. Analysts surveyed by Bloomberg predict 23 percent profit growth from a year earlier for companies in the index, the fourth straight quarterly increase after a record nine-quarter slump in earnings. The Stoxx 600 has rallied 15 percent since its low this year in May as investors speculated that the global economy will avoid another recession even as Europe’s governments slash spending and China moves to cool its growth. The gauge is 2.1 percent below its April high. A Labor Department report today may show applications for U.S. unemployment benefits were unchanged at a three-month low of 445,000 last week. The release is due at 8:30 a.m. in Washington. Rio Tinto Rallies Rio Tinto gained 1.2 percent to 4,087.5 pence, the highest level in more than two years. The world’s third-largest mining company said third-quarter iron ore output rose to 47.6 million metric tons from 47 million tons a year earlier. Copper climbed to the highest levels in 27 months in London, New York and Shanghai as the dollar slumped and the outlook for demand improved. Zinc rallied to a six-month high and lead rose to a nine-month high. Syngenta rallied 3 percent to 271.8 Swiss francs as the maker of agricultural chemicals reported third-quarter sales ahead of analysts’ estimates and said improved profitability in seeds should help meet a goal of matching last year’s earnings. Revenue totaled $2.2 billion, compared with $2 billion in the year-earlier period, the Basel-based company said. Analysts had predicted $2.08 billion, according to the average estimate in a Bloomberg survey. Vodafone Upgrade Vodafone gained 1.4 percent to 166.25 pence as Nomura lifted its recommendation on the world’s largest mobile-phone company to “buy” from “neutral.” Vodafone shares may be undervalued as analysts are disregarding the U.K. company’s 45 percent ownership in Verizon Wireless because it doesn’t pay a dividend, according to hedge-fund manager David Einhorn. “We have a lot of excitement relating to Vodafone,” Einhorn, who profited from bets against Lehman Brothers Holdings Inc. in 2008, said at the Value Investing Congress in New York. Barclays, the U.K.’s third-biggest lender, dropped 3.7 percent to 281.15 pence, leading a gauge of bank stocks to the biggest drop among 19 industry groups. Societe Generale SA slid 3.2 percent to 41.67 euros and Royal Bank of Scotland Group Plc fell 2.8 percent to 46.2 pence. Standard Chartered Plc’s announcement yesterday said it will seek to raise 3.3 billion pounds ($5.3 billion) in a rights offer may encourage other banks to increase their capital to than the minimum required by international regulators, according to analyst Andrew Lim at Matrix Corporate Capital LLP. Bank Capital Banks must have a Core Tier 1 ratio of at least 7 percent under new Basel III capital rules agreed by regulators last month. U.K. lenders will have to constrain dividend payments to shareholders for up to three years to meet the more stringent capital requirements, according to a Credit Suisse Group AG analyst Jonathan Pierce. Hugo Boss AG, Germany’s largest clothing maker, advanced 4.7 percent to 46.10 euros after raising its sales and profit forecasts. Earnings before interest, taxes, depreciation, amortization and one-time items will rise about 20 percent for the year, according to the Metzingen-based company, which previously forecast growth of 10 percent to 12 percent. Gamesa Corporacion Tecnologica SA soared 2.7 percent to 4.80 euros after the Spanish company won contracts to supply 251 megawatts of wind turbines to three companies in China. Ashmore Group Plc, a U.K. fund manager that focuses on emerging markets, rose 4 percent to 376.2 pence. Assets under management grew to $41.6 billion in the third quarter from $35.3 billion at the end of the previous period, the company said. Swiss Reinsurance Co. rallied 2.3 percent to 47.56 francs as JPMorgan Chase & Co. upgraded the world’s second-biggest reinsurer to “overweight” from “neutral.” Acergy, African Barrick Acergy SA gained 3.1 percent to 118.1 kroner as Societe Generale SA raised the U.K. provider of oil services to “buy” from “hold.” African Barrick Gold Plc sank 8.6 percent to 570 pence, the biggest intraday decline since July, after saying criminal gangs “widely infiltrated” a mine in Tanzania, forcing the company to suspend 60 workers and delay production. Roche Holding AG dropped 1.3 percent to 137.3 francs after the world’s biggest maker of cancer drugs reported a 7 percent decline in third-quarter revenue as demand for the Tamiflu antiviral fell. Draegerwerk AG & Co. KGaA preferred shares lost 2.6 percent to 64 euros as the German maker of medical equipment was downgraded to “underperform” from “outperform” at CA Cheuvreux. To contact the reporter on this story: Julie Cruz in Frankfurt at jcruz6@bloomberg.net. To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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