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European stocks were little changed as the yield on Spain’s benchmark 10-year bond climbed above 7 percent, amid fading optimism that Greece’s election will calm the euro area’s sovereign-debt crisis.
Spain’s 10-year government bond yields rose as much as 41 basis points to 7.29 percent, the most since the country started using the euro in 1999.
The New Democracy and Pasok parties won enough seats to form a majority in the 300-member parliament, according to the Greek parliament’s speaker, easing concern that the country’s voters would reject the austerity measures needed to qualify for international aid.
National benchmark indexes declined in 10 of the 18 western-European (SXXP) markets. The U.K.’s FTSE 100 Index added 0.2 percent, while Germany’s DAX increased 0.3 percent. France’s CAC 40 slipped 0.7 percent.
Cable & Wireless Worldwide jumped 7.8 percent to 37.77 pence, its biggest rally in eight weeks. The company’s largest investor Orbis Holdings Ltd. said it will accept the 1.04 billion-pound ($1.6 billion) takeover offer from Vodafone.
Swatch Group AG, the world’s biggest watchmaker, added 2.3 percent to 369.60 Swiss francs. Berenberg Bank AG initiated the stock with a buy recommendation, saying that the shares will climb to 475 francs and that Swatch may increase its earnings per share and dividend growth at a double-digit pace over the next five years.
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