European Stocks Rise; Allianz, KBC, InBev, Julius Baer Advance

European stocks gained after earnings from Allianz SE, the region's largest insurer, and financial- services company KBC Group NV beat analysts' estimates.

InBev NV, the world's largest brewer, advanced after JPMorgan Chase & Co. recommended buying the shares. Julius Baer Holding Ltd. rallied on speculation Switzerland's third-largest private bank will spin off its U.S. fund unit.

The Dow Jones Stoxx 600 Index added 0.4 percent to 374.94 as of 8:07 a.m. in London. The index has dropped 1.3 percent so far this week. The Stoxx 50 also increased 0.4 percent today, and the Euro Stoxx 50, a measure for the euro region, rose 0.3 percent.

``Good earnings are being rewarded,'' said Werner Wittenhagen, who helps oversee the equivalent of $21 billion at LBBW Asset Management in Stuttgart, Germany. ``European stocks are attractive.''

Most U.S. stocks rose yesterday after banks rallied from a two-year low in the final hour of trading, overcoming a slump in technology shares led by Cisco Systems Inc. Asian stocks declined today. The U.S. dollar fell to a record low versus the euro.

Allianz gained 4.5 percent to 147.70 euros. Third-quarter net income rose to 1.92 billion euros ($2.83 billion), beating the 1.45 billion-euro median estimate of 18 analysts surveyed by Bloomberg.

The insurer reported a 52 million-euro loss at its Dresdner Bank unit. Financial companies including American International Group Inc., the world's biggest insurer, had more than $30 billion of writedowns in the quarter after record foreclosures on U.S. home loans to borrowers with poor credit histories roiled debt markets.
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