European Stocks Advance on Upbeat Earnings; Deutsche Bank Soars

European stocks rose for a second day on Thursday following a batch of upbeat quarterly results. Deutsche Bank AG soared to a 10-year high after earnings beat estimates.

The Stoxx Europe 600 Index gained 0.2% by the close after earlier advancing as much as 0.7%. Telecom shares led gains as BT Group Plc jumped 10% following strong earnings, while the food beverage and tobacco sub-index was dragged lower by a glum report from Nestle SA.