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12.08.2013 10:30

European stocks fell from a 10-week high

European stocks fell from a 10-week high as a report showed Japan’s economy grew less than forecast last quarter. U.S. index futures declined while Asian shares were little changed.

The German Economy Ministry is predicting that growth in the second quarter was about 0.75 percent, according to a person familiar with the forecast, who asked not to be identified because the projection is confidential. That exceeds the 0.6 percent median of 46 economist estimates compiled by Bloomberg. Germany’s Federal Statistics Office will release the data on Wednesday.

Euro-area stocks have risen half as much as global benchmarks this year, leaving them cheaper than equities in the U.S. and Asia as the region’s economy starts to recover from the longest recession on record.

Telekom Austria slid 2.8 percent to 5.57 euros. Second-quarter earnings before interest, taxes, depreciation and amortization fell to 330.3 million euros ($439 million) from 364.8 million euros a year earlier. That compared with the average 332.7 million-euro analyst estimate.

Ladbrokes declined 3.1 percent to 192.9 pence as JPMorgan Chase & Co. cut the stock to underweight from neutral, meaning investors should sell the shares. The brokerage cited the weak outlook for U.K. retail and limited revenue growth in an increasingly competitive online market.

Prudential, the U.K.’s biggest insurer by market value, rose 2.5 percent to 1,214 pence. Operating profit climbed to 1.42 billion pounds ($2.2 billion) in the first half from 1.16 billion pounds a year earlier. That beat the 1.3 billion-pound estimate of 17 analysts provided by the company.

FTSE 100 6,567.41 -15.98 -0.24%

CAC 40 4,059.8 -16.75 -0.41%

DAX 8,272.62 -65.69 -0.79%

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