European stocks gained for an eighth day as companies from Royal Philips NV to Akzo Nobel AG reported profit that beat estimates and investors speculated the Federal Reserve may maintain stimulus measures into next year.

The Stoxx Europe 600 Index advanced 0.3 percent to 319.51 at 4:35 p.m. in London, the highest level since June 2008. The gauge has risen 2.9 percent this month as U.S. lawmakers agreed to extend the government’s borrowing authority until 2014 and ended the first partial government shutdown in 17 years.

National benchmark indexes climbed in 15 of the 18 western European markets.

FTSE 100 6,630.65 +8.07 +0.12% CAC 40 4,273 -13.03 -0.30% DAX 8,859.2 -5.90 -0.07%

In the U.S., the Fed will maintain its monthly bond-buying program until March after a 16-day government shutdown trimmed fourth-quarter economic growth by 0.3 percentage point and disrupted the flow of data, according to the median forecast of economists in survey conducted Oct. 17-18. Policy makers will taper asset purchases to $70 billion from $85 billion, the poll forecast.

A previous survey had indicated the U.S. central bank would start trimming stimulus measures at last month’s gathering. The policy-setting Federal Open Market Committee’s last two meetings this year are scheduled for Oct. 29-30 and Dec. 17-18.

A release tomorrow may show U.S. payrolls increased by 180,000 in September, after gaining 169,000 a month earlier, economists forecast. The government shutdown delayed the Labor Department data originally due on Oct. 4.

Philips climbed 5.3 percent to 25.73 euros, its highest price since July 2010. The company said third-quarter earnings before interest, taxes, amortization and one-time items rose to 634 million euros, compared with the 567 million-euro average estimate of analysts.

Akzo surged 7 percent to 51.82 euros, its biggest gain since December, after saying earnings before interest, taxes, depreciation and amortization climbed 7 percent to 456 million euros. Analysts on average had estimated 444 million euros.

Actelion jumped 5.7 percent to 68.25 Swiss francs as the U.S. Food and Drug Administration said late Oct. 18 that it approved the use of Opsumit once daily for treating pulmonary arterial hypertension.

SAP added 4.9 percent to 56.15 euros after saying third-quarter operating profit adjusted for some items rose to 1.3 billion euros as revenue from the Hana database product surged 79 percent. The world’s largest maker of business-management software reiterated a July forecast for double-digit percentage growth for software-related services sales this year, excluding currency swings.

Tod’s SpA (TOD) slipped 3 percent to 124.50 euros and Hugo Boss AG fell 2.4 percent to 93.25 euros after Goldman Sachs Group Inc. downgraded both stocks to sell from neutral.

U.S. stock-index futures were little changed as investors awaited the release of earnings and tomorrow’s jobless data to assess the strength of the economy.

Global Stocks:

Nikkei 14,693.57 +132.03 +0.91%

Hang Seng 23,438.15 +98.05 +0.42%

Shanghai Composite 2,229.24 +35.46 +1.62%

FTSE  6,630.61 +8.03 +0.12%

CAC  4,272.87 -13.16 -0.31%

DAX 8,859.3 -5.80 -0.07%

Crude oil $99.92 -0.88%

Gold $1319.10 +0.34%

Most European stocks gained, extending a five-year high for the Stoxx Europe 600 Index, as companies from Royal Philips NV to Akzo Nobel AG reported profit that beat estimates. Asian shares advanced and U.S. index futures were little changed.

In the U.S., the Fed will maintain its monthly bond-buying program until March after a 16-day government shutdown trimmed fourth-quarter economic growth by 0.3 percentage point and disrupted the flow of data, according to the median forecast of economists in a Bloomberg survey conducted Oct. 17-18. Policy makers will taper asset purchases to $70 billion from $85 billion, the poll forecast.

In Japan, exports increased 11.5 percent in September from a year earlier, a finance ministry report showed. That compared with a 14.6 percent advance in August and trailed the 15.6 percent gain forecast by economists in a Bloomberg survey.

Philips climbed 6.4 percent to 25.99 euros, the highest price since July 2010. The company said third-quarter earnings before interest, taxes, amortization and one-time items rose to 634 million euros ($867 million), compared with the 567 million-euro average estimate of analysts in a Bloomberg survey.

Akzo surged 8.3 percent to 52.44 euros, the biggest gain in two years, after saying earnings before interest, taxes, depreciation and amortization climbed 7 percent to 456 million euros. Analysts on average estimated 444 million euros.

FTSE 100 6,632.48 +9.90 +0.15%

CAC 40 4,273.09 -12.94 -0.30%

DAX 8,853.37 -11.73 -0.13%

Asian stocks rose, with the regional benchmark index extending a five-month high, amid speculation the Federal Reserve will delay stimulus cuts.

Nikkei 225 14,693.57 +132.03 +0.91%

Hang Seng 23,379.42 +39.32 +0.17%

S&P/ASX 200 5,351.8 +30.33 +0.57%

Shanghai Composite 2,229.24 +35.46 +1.62%

Canon Inc., the world’s biggest camera maker, gained 1.4 percent as a weaker yen boosted the earnings outlook for Japanese exporters.

Tencent Holdings Inc. jumped to a record in Hong Kong, pacing gains among Internet companies after industry bellwether Google Inc.’s ad sales topped estimates.

Qantas Airways Ltd. slipped 5.6 percent, falling a second day after Australia’s largest carrier said last week it expects the lowest yields for passenger flights in more than a decade.