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European stocks rose, paring this month’s loss for the Stoxx Europe 600 Index (EC11CHPM), as companies from Givaudan SA (GIVN) to Hennes & Mauritz AB (HMB) reported earnings.

The Stoxx 600 added 0.3 percent. The index today lost as much as 0.7 percent before rising as much as 0.6 percent. The index is heading for the biggest decline since June. European shares have fallen 1.5 percent in January as emerging-market currencies slid, fueling concern the global economic recovery is faltering. The gauge rallied 17 percent last year, the most since 2009.

A report today showed that a gauge of pending home sales fell 8.7 percent in December, following a revised 0.3 percent drop the previous month. The median projection of economists called for a 0.3 percent decline.

Separate data earlier showed the U.S. economy expanded at a 3.2 percent annualized rate in the fourth quarter, in line with the median forecast of economists. Another report showed more Americans than predicted filed applications for jobless benefits in the week ended Jan. 25.

The Federal Open Market Committee said yesterday it will cut monthly bond purchases by $10 billion to $65 billion, sticking to a plan for a gradual withdrawal from its unprecedented monetary easing. It was the first meeting without a dissent since June 2011. The Fed reiterated that it will probably hold its target interest rate near zero “well past the time” that unemployment falls below 6.5 percent.

A Chinese manufacturing gauge signaled the first contraction since July. A purchasing managers’ Index fell to 49.5 this month from 50.5 in December, HSBC Holdings Plc (HSBA) and Markit Economics said in a statement. The reading compared with the median 49.6 estimate of economists. A number below 50 indicates contraction.

National benchmark indexes advanced in 11 of the 18 western-European markets today.

FTSE 100 6,538.45 -5.83 -0.09% CAC 40 4,180.02 +23.04 +0.55% DAX 9,373.48 +36.75 +0.39%

Givaudan gained 6.5 percent to 1,344 Swiss francs. The world’s largest maker of flavors and fragrances said 2013 net income was 490 million francs ($543 million), exceeding the 464.5 million-franc analyst projection. The company said it will pay a dividend of 47 francs a share, beating the forecast of 42 francs.

Roche advanced 4.2 percent to 249.10 francs. The company said revenue will rise by a low to mid-single-digit percentage this year and profit will increase faster as sales climb for its biggest cancer drugs and a slate of new therapies. Roche also said net income last year gained 18 percent to 11.4 billion francs.

Ericsson AB rose 3.5 percent to 80.10 kronor. The world’s largest maker of wireless networks said gross ">H&M dropped 3.6 percent to 276.90 kronor. Europe’s second-biggest clothing retailer reported fourth-quarter net income of 5.61 billion kronor ($869 million), less than the average analyst projection of 6 billion kronor.

Serco Group Plc (SRP) slumped 17 percent to 423.5 pence. The U.K. services provider said it expects a 2013 revenue decline because it won fewer contracts.

Tod’s SpA dropped 8.1 percent to 101.20 euros after the retailer said fourth-quarter revenue was 214.9 million euros ($291.3 million), missing estimates.

TeliaSonera AB lost 2.8 percent to 48.77 kronor. Sweden’s largest phone operator said fourth-quarter net income fell to 2.19 billion kronor, trailing analyst estimates that called for a profit of 3.07 billion kronor.

U.S. stock futures rose, as companies from Facebook Inc. (FB) to PulteGroup Inc. posted better-than-estimated results and consumer spending picked up.

Global markets:

Nikkei 15,007.06 -376.85 -2.45%

Hang Seng 22,035.42 -106.19 -0.48%

Shanghai Composite 2,033.08 -16.83 -0.82%

FTSE 6,552.27 +7.99 +0.12%

CAC 4,184.54 +27.56 +0.66%

DAX 9,384.1 +47.37 +0.51%

Crude oil $98.10 (+0.76%)

Gold $1239.90 (-1.77%).

European stocks dropped after the Federal Reserve trimmed bond buying for a second straight meeting and companies from Diageo Plc to Hennes & Mauritz AB posted results that missed analyst estimates. The Federal Open Market Committee said yesterday it will cut monthly bond purchases by $10 billion to $65 billion, sticking to a plan for a gradual withdrawal from its unprecedented monetary easing. It was the first meeting without a dissent since June 2011. The Fed reiterated that it will probably hold its target interest rate near zero “well past the time” that unemployment falls below 6.5 percent.

A Chinese manufacturing gauge signaled the first contraction since July. A Purchasing Managers’ Index fell to 49.5 this month from 50.5 in December, HSBC Holdings Plc and Markit Economics said in a statement. The reading compared with the median 49.6 estimate in a Bloomberg News survey of 14 economists. A number below 50 indicates contraction.

Diageo lost 6.7 percent, the most since February 2009, to 1,782 pence. Organic sales rose 1.8 percent in the six months through December, missing the median analyst estimate of 3.5 percent. The maker of Smirnoff vodka and Johnnie Walker whisky said operating profit excluding some items was 2.06 billion pounds ($3.4 billion).

H&M, Europe’s second-biggest clothing retailer, dropped 3.7 percent to 276.60 kronor. The company reported fourth-quarter net income of 5.61 billion kronor ($869 million), less than the average analyst projection of 6 billion kronor.

Givaudan climbed 5.6 percent to 1,332 francs. The world’s largest maker of flavors and fragrances said 2013 net income was 490 million francs, exceeding the 464.5 million-franc analyst projection. The company said it will pay a dividend of 47 francs a share, beating the Bloomberg Dividend Forecast of 42 francs.

Ericsson AB rose 2.8 percent to 79.55 kronor. The world’s largest maker of wireless networks said gross ">FTSE 100 6,522.86 -21.42 -0.33%

CAC 40 4,141.92 -15.06 -0.36%

DAX 9,298.81 -37.92 -0.41%

Asian stocks fell, heading for the largest monthly slide in eight months, after the Federal Reserve pressed on with cuts to U.S. economic stimulus and as a report showed China’s manufacturing industry contracted.

Nikkei 225 15,007.06 -376.85 -2.45%

Hang Seng 22,035.42 -106.19 -0.48%

S&P/ASX 200 5,188.06 -40.95 -0.78%

Shanghai Composite 2,033.08 -16.83 -0.82%

Honda Motor Co., which gets 83 percent of its auto sales abroad, lost 2.5 percent as Japanese exporters retreated after the yen gained from the close of equity markets in Tokyo yesterday.

Treasury Wine Estates Ltd. slumped by a record 20 percent in Sydney as the world’s second-largest publicly traded wine maker said earnings fell.

Hitachi Metals Ltd. surged 5.1 percent in Tokyo, leading gains on the regional benchmark index, after profit at the steel manufacturer topped analyst estimates.

Nikkei 225 15,383.91 +403.75 +2.70%

Hang Seng 22,141.61 +180.97 +0.82%

Shanghai Composite 2,049.91 +11.40 +0.56%

FTSE 100 6,544.28 -28.05 -0.43%

CAC 40 4,156.98 -28.31 -0.68%

DAX 9,336.73 -70.18 -0.75%

Dow -189.71 15,738.85 -1.19%

Nasdaq -46.53 4,051.43 -1.14%

S&P -18.3 1,774.20 -1.02%