The European markets rose for the eighth day on Wednesday, their longest winning streak since 2006, as better-than-expected earnings from companies such as TomTom and Modern Times Group cheered investor sentiment.

Crude for September delivery declined $0.01 to $65.60 a barrel, by the time the European markets closed, after a government report showed that U.S. fuel supplies are growing.

The FTSEurofirst 300 index of pan-European blue chips closed 0.21% higher at 890.05 points, while the narrower DJ Stoxx 50 index rose 0.23% to 2,202.50 points.

Around Europe, the U.K.'s FTSE 100 index surged up 0.28% to 4,493.73, while France's CAC 40 index rose 0.07% to 3,305.07 and Germany's DAX index climbed 0.54% to 5,121.56.

TomTom, Europe's biggest maker of car navigation devices, jumped 12% after the company reported second quarter earnings that beat analysts' estimate.

Modern Times Group, Sweden's biggest private broadcaster, climbed 6.6% after the company reported earnings that fell from last year but came in above analysts' expectations.

Tele2, Sweden's second biggest telephone company, surged up 8.8% after the company's second quarter earnings beat analysts' estimate.

Bayer, Germany's biggest drugmaker, rose 2.2% after the company and its development partner Onyx Pharmaceuticals said their cancer pill Nexavar showed promise in treating breast tumors in a phase 2 trial.

On the other hand, Barclays led some banking stocks lower, falling 3.1%, after Morgan Stanley reported its third consecutive quarterly loss and Wells Fargo reported rising credit losses. Also, the Telegraph reported that Barclays will need another �12.8 billion to expand under new regulatory rules.

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