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By Bloomberg

Europe’s benchmark stock index erased gains as the euro rallied amid dollar weakness. New Zealand’s currency jumped and Chinese shares advanced for a sixth day.

The Stoxx Europe 600 Index was little changed by 8:47 a.m. in London, as the euro strengthened 0.6 percent to $1.0992. Standard & Poor’s 500 Index futures climbed 0.2 percent and the Bloomberg Dollar Spot Index slid 0.4 percent. The Shanghai Composite Index advanced 2.4 percent. The New Zealand dollar climbed as much as 1.6 percent.

Second-quarter earnings growth in Europe could reach 15 percent to 20 percent, HSBC Holdings Plc strategists wrote in a note. European bonds were little changed after Greece’s parliament approved a second set of creditor-imposed reforms. The dollar has strengthened as U.S. economic reports have bolstered the case for higher rates, weighing on commodities as the World Bank sees abundant supply clashing with weakening global demand.

The Stoxx 600 traded little changed as losses among energy companies countered gains among carmakers. Daimler AG added 1.2 percent as second-quarter operating profit jumped 54 percent, beating analysts’ predictions. Mercedes-Benz outpaced rival luxury-car brands in China and new models boosted sales.

Futures on the Nasdaq 100 Index added 0.3 percent after the Nasdaq Composite Index slumped the most in two weeks as disappointing results from Apple Inc., Microsoft Corp. and Yahoo! Inc. rippled through technology stocks.

The MSCI Asia Pacific Index fluctuated as materials and energy shares led declines with technology companies. About 10 shares rose for every nine that fell.

Shanghai Shares

The Shanghai Composite Index rose a sixth straight day, the longest streak of gains since May. A gauge of Chinese companies in Hong Kong flipped to a 0.9 percent advance. The Hang Seng Index rose 0.5 percent.

Analysts are predicting that Chinese stocks in Hong Kong will reverse the world’s biggest rout and climb 34 percent over the next 12 months. That’s the biggest projected gain among major global markets.

The Bloomberg dollar gauge swung to a loss as the Swiss franc rallied 0.6 percent and the pound, Australian and Candaian dollars and yen all added 0.2 percent after the European open.

The kiwi rose to 66.75 U.S. cents and gained 1.1 percent against the Australian currency, the most in two weeks. Despite the 0.25 percent rate cut, the central bank’s statement “was not as dovish as markets were prepared for, particularly concerning the exchange rate,” economists at Westpac Banking Corp. in Auckland wrote in a client note after the decision.