EUROPE MARKETS: Europe Stocks Up, Led By ASML; Pimco News Hits Allianz

By Barbara Kollmeyer

MADRID (MarketWatch) -- European stocks were clinging to gains on Wednesday, supported by advances for ASML Holding NV and The Sage Group PLC, both lifted by earnings. An International Monetary Fund upgrade of its global-growth forecasts continued to boost sentiment.

The Stoxx Europe 600 index rose 0.2% to 336.50, on track to close at a six-year high if it remains at these levels. The index closed at 335.76, up 0.1% on Tuesday, which saw a volatile day of trading.

Shares of ASML Holding (ASMLD) topped the gainers list with a 4.6% rise after the Dutch semiconductor-equipment maker reiterated its forecast for the first half of 2014 and posted a 62% rise in fourth-quarter net profit.

Sage rose 2.8% as the business-software maker said trading across all its regions remains in line with forecasts and it's on course to deliver its 6% organic-revenue growth target in 2015.

On the downside, shares of ABB Ltd. fell nearly 4% after the power-and-technology company said fourth-quarter earnings will be hit by around $260 million in costs linked to North Sea-power projects and restructuring.

An upgrade to global growth by the IMF on Tuesday continued to inspire investors. U.K. economic data will come into focus later with the release of minutes from the Bank of England and British joblessness data. U.S. stock futures were pointing to a mixed start for Wall Street with plenty of earnings due to keep investors busy.

International Business Machines Corp. (IBM) shares fell in late trading Tuesday after the company's fourth-quarter and full-year earnings outlooks fell short of analysts estimates. Wall Street stocks closed the day mostly higher, though earnings misses dragged on the Dow industrials. (DJI)

Indexes struggled to stay positive across Europe, with gainers just outpacing decliners. After a firmer open, the German DAX 30 index was flat at 9,732.71, and the French CAC 40 index rose 0.1% to 4,329.55. The FTSE 100 index rose 0.3% to 6,851.81.

Shares of Allianz SE fell 1.5% in Frankfurt in the wake of Tuesday's news that Mohamed A. El-Erian will step down from the role of Chief Executive Officer for Pimco, after a year in which the asset manager's flagship fund has seen $41.1 billion flow out. Pimco's parent company is Allianz. The company said El-Erian will stay on the international executive committee of Allianz and advise its board of management on global economic and policy issues.

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