Forecast-beating figures lift bourses - FT.com A trio of forecast-beating earnings reports offered traders some grounds for optimism on Monday as wider European indices held steady. Philips Electronics reported €6.1bn of sales, against a forecast €5.9bn, bringing earnings before interest, tax and amortisation (ebita) to €450m against the €379m forecast. In September, Frans Houten, Philip's chief executive, announced the group would cut 2,200 jobs - on top of 4,500 announced earlier in the year - in a cost-cutting measure that is expected to save €300m annually. Mr Houten highlighted challenges to growing the business adding that the Dutch group would "continue to experience strong economic headwinds on a global scale" but added that the group remained on track to meet its outlook for 2013. Shares rallied 4.5 per cent to €19.87 against a 1.9 per cent gain on Amsterdam's AEX index to 336.09. Scania's forward-order book was more robust than feared, with the Swedish truckmaker saying demand in Brazil helped to offset an ongoing weak European market in the third quarter. Orders of its trucks and buses fell 10 per cent compared with analysts" forecast 14 per cent. Its shares rallied 3.5 per cent SKr124.50, against a 0.9 per cent gain on the OMX30 index to 1,074.42. Electrolux also outperformed the Swedish benchmark after it reported a 6 per cent rise in interim sales of SKr27.2bn ($4.1bn). The company also said demand for fridges, cookers and washing machines was improving in the third quarter. Its shares rose 0.2 per cent to SKr166.70. Elsewhere in Europe indices edged into positive territory as investors looked to Spain once again in hopes that was creeping closer towards requesting a formal bailout. The FTSE Eurofirst 300 was up 0.2 per cent at 1,114.25. Meanwhile, Suez Environnement and Veolia threw cold water on speculation that the two might merge. The two French water and waste facilities had been in preliminary talks to merge but decided against it. Investors sent shares in Veolia down sharply in reaction to statements on Saturday from both companies denying they were in talks. Shares in Veolia slid 4.2 per cent to €8.15, against a 0.3 per cent gain on the CAC40 to 3,514.83. Investors digested news from Spain on Sunday that the ruling centre-right party won a referendum in one of its key supporting regions. The results from local elections in Galicia will give Prime Minister Mariano Rajoy absolute majority in the region. This is expected to help him push to through unpopular tax rises and spending cuts which could pave the way for a formal request for a bailout of Spain's sovereign debt Spain's benchmark Ibex 35 rallied 0.5 per cent to 7,950.1, while the FTSE MIB gained 0.9 per cent to 15,998.19.