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European stocks were little changed as mining companies advanced, offsetting worse-than-estimated financial results from companies such as ING Groep NV (INGA) and Securitas (SECUB) AB.
ING, the largest Dutch financial-services company, lost 1.3 %. Securitas, the world’s second-biggest guarding-services company, sank 8.8 %. Swisscom (SCMN) AG slid after it lowered its full-year sales forecast. Bankia SA (BKIA) surged 24 %.
The Stoxx Europe 600 Index rose 0.1 % at 269.06 as of 4:30 p.m. in London,
National benchmark indexes fell in 13 of the 18 western European markets today.
FTSE 100 5,845.92 +4.68 +0.08% CAC 40 3,438.26 -15.02 -0.43% DAX 6,966.15 -1.80 -0.03%
The outlook on Greece’s CCC rating, already eight levels below investment grade, was revised to negative from stable, S&P said yesterday in a statement. The change reflects the risk of a downgrade if Greece is unable to obtain the next disbursement from the European Union and International Monetary Fund rescue package, the rating company said.
ING slipped 1.3 % to 5.68 euros after reporting second-quarter net income of 1.17 billion euros ($1.45 billion), missing analyst estimates of 1.26 billion euros.
Securitas tumbled 8.8 % to 49.85 kronor after second- quarter net income of 337 million kronor ($50 million) trailed the average analyst estimate of 422 million kronor.
Swisscom dropped 0.4 % to 392.60 Swiss francs after Switzerland’s largest phone company said it now sees revenue declining to 11.3 billion francs ($11.7 billion) this year, compared with a February prediction of 11.4 billion francs. Second-quarter net income fell to 468 million francs from 485 million francs a year earlier, the Bern-based company said.
Nokian Renkaat Oyj (NRE1V), the Nordic region’s largest tire maker, retreated 4.8 % to 31.11 euros after second-quarter sales of 413.8 million euros missed estimates of 416.3 million euros.
Kloeckner & Co. SE, Europe’s biggest independent steel trader, slumped 4.6 % to 7.14 euros after reporting its fourth consecutive quarterly loss and increasing job cuts as the region’s debt crisis weakened demand.
SAS Group, the Nordic region’s largest airline, slipped 1.7 % to 5.85 kronor after reporting second-quarter profit that missed analysts’ estimates as fuel costs increased and European economies weakened.
Bankia, the lender Spain nationalized in May, jumped 24 % to 1.27 euros. The shares have more than doubled since sliding to a record low on July 17.
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