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European stocks were little changed as concern that debt-ceiling talks will harm the U.S. economy and a report showing weaker-than-forecast German growth offset Spain’s better-than-targeted sale of debt.
IG Group Holdings Plc (IGG) slipped 1.1 percent after saying first-half net trading revenue fell. SAP AG (SAP) sank the most in six months after reporting earnings that trailed estimates. Air Liquide SA dropped 1 percent after Bank of America Corp. cut its recommendation on the stock. Hennes & Mauritz AB (HMB) advanced 3.6 percent after posting sales that beat analyst forecasts.
The Stoxx Europe 600 Index (SXXP) lost less than 0.1 percent to 285.97 at the close of trading.
National benchmark indexes fell in 11 of the 18 western European markets.
FTSE 100 6,117.31 +9.45 +0.15% CAC 40 3,697.35 -10.90 -0.29% DAX 7,675.91 -53.61 -0.69%
IG Group, owner of the IG Index financial spread-betting brand, slipped 1.1 percent to 462.5 pence. The company said first-half net trading revenue fell 14 percent to 169 million pounds ($271.8 million) and pretax profit slid 21 percent to 81.1 million pounds.
SAP sank 3.9 percent to 58.70 euros, the most since July 6. The biggest maker of business-management software reported earnings trailing analysts’ estimates as it increased spending and growth in the Americas slowed. Fourth-quarter operating profit excluding some items rose about 10 percent to 1.96 billion euros, compared with analyst estimates for 2 billion euros.
Air Liquide (AI), a maker of industrial gases, fell 1 percent to 92.15 euros after Bank of America’s Merrill Lynch unit cut its recommendation to underperform from neutral, saying that the “risk/reward” at the shares’ current levels isn’t attractive.
H&M jumped 3.6 percent to 228.20 kronor. Europe’s second- largest clothing retailer reported an increase in sales that beat analysts’ estimates.
Burberry Group Plc (BRBY) advanced 4.6 percent to 1,386 pence. The U.K.’s largest luxury-goods company said third-quarter revenue increased 7 percent to 613 million pounds, exceeding the 601.4 million-pound average of analysts estimates.
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