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By Bloomberg

European stocks advanced for a second day as companies including UBS Group AG and Adidas AG posted better- than-estimated results, while Greek equities headed for the biggest drop in five weeks.

UBS rose 6.5 percent as Switzerland’s largest bank said net income in the first three months of the year almost doubled. Adidas advanced after first-quarter earnings topped forecasts. Piraeus Bank SA and Alpha Bank AE led Greece’s ASE Index 3.7 percent lower.

The Stoxx Europe 600 Index rose 0.4 percent to 398.27 at 12:45 p.m. in London, paring earlier gains of as much as 1.1 percent. Euro-area finance chiefs are increasing pressure on Greece to bow to their terms for releasing aid within days to avert a cash crunch. Officials are concerned that the nation won’t meet its obligations this month, which include about 1 billion euros ($1.1 billion) in payments to the International Monetary Fund.

“We had a pretty strong rally but it’s clearly not a universal trend,” said Peter Dixon, an economist at Commerzbank AG in London. “We still have Greece in the background, and the U.K. election later this week may cause things to wobble a bit. Some of the earnings are supportive, but these tend to be short- term effects which can fade out quite quickly.”

European shares rebounded Monday after their biggest weekly loss since December, as data showed manufacturers raised prices for the first time in eight months. The index has risen 16 percent this year amid a weaker euro and unprecedented monetary stimulus, prompting the European Commission to raise its euro- area growth forecast.

FTSE Advances

The U.K.’s FTSE 100 Index gained 0.5 percent, with the market reopening after a holiday. The Swiss Market Index rallied 0.9 percent. Germany’s DAX Index lost 0.1 percent

Stoxx 600 automakers gained 0.6 percent as the euro fell for a second day, and health-care companies added 0.8 percent, with Roche Holding AG and GlaxoSmithKline Plc up at least 0.8 percent.

Among other stocks moving on corporate news, Infineon Technologies AG advanced 2.1 percent after Germany’s largest chipmaker reported better-than-estimated quarterly sales. Metro AG climbed 0.7 percent after the German retailer posted a narrower second-quarter loss than analysts estimated.

Fiat Chrysler Automobiles NV rose 1.6 percent after Il Sole 24 Ore reported that the carmaker is close to choosing banks to run the spinoff of its Ferrari unit.

HSBC Holdings Plc fell 1.8 percent after Europe’s largest bank reported an increase in first-quarter profit. It also took a $139 million provision at the global private banking division, without giving details.

Boliden AB slipped 3.5 percent after the zinc and copper miner reported first-quarter operating profit slightly below analyst estimates. A gauge of commodity producers posted the worst performance of the 19 industry groups on the Stoxx 600, with Rio Tinto Group contributing the most to declines.