The Stoxx Europe 600 Index extended its five-year high as most European stocks gained with investor expectation indicating that the U.S. Federal Reserve will be slow to rail in its economic stimulus, probably as much as March 2014.

Surpassing forecast estimates of third-quarter profits, Royal Philips NV rallied 5.1 percent. With Dutch maker of Dulux paints also exceeding projections, the Akzo Nobel NV gained 4.9 percent. Actelion Ltd. and SAP AG both rallied 4.3 percent, as the former’s lung drug Opsumit won U.S. approval and the latter reported results.