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European stocks were little changed, after yesterday’s biggest rally for the region’s benchmark index in four weeks, as investors await reports on U.S. employment and services industries. U.S. futures were also little changed, while Asian shares climbed.
The Stoxx Europe 600 Index (SXXP) retreated 0.1 percent to 297.15 at 9:39 a.m. in London after climbing 1.3 percent yesterday on better-than-estimated U.S. factory orders data.
Vodafone led a gauge of phone companies lower, falling 1.7 percent to 188.75 pence, after Verizon denied a Financial Times report that said it was discussing a plan with AT&T Inc. to make a joint offer for the U.K. telecommunications operator.
Telecom Italia SpA lost 2.9 percent to 55 euro cents, while France Telecom SA retreated 3.4 percent to 7.75 euros.
Rexel (RXL) climbed 2.1 percent to 17.73 euros after Goldman Sachs raised its recommendation for the French electric equipment distributor to buy from neutral, citing an acceleration in the U.S. commercial market.
L’Oreal SA (OR) climbed 1.5 percent to 129.20 euros after Exane BNP Paribas added the world’s largest cosmetics maker to its key ideas list and increased its price estimate to 167 euros. Analysts including Jeff Stent said Nestle SA will sell its 30 percent stage in L’Oreal for “materially more” than the market anticipates.
At the moment:
FTSE 100 6,469.08 -21.58 -0.33%
CAC 40 3,802.22 -3.15 -0.08%
DAX 7,945.44 +1.57 +0.02%
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