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European stocks were little changed, with the Stoxx Europe 600 Index heading for its first weekly decline in six weeks, as investors weighed equity valuations and awaited U.S. industrial data. U.S. index futures were also little changed while Asian shares rose.
The Stoxx 600 added 0.1 percent to 322.62 at 10:15 a.m. in London. The benchmark gauge rallied the most in almost a month yesterday as Federal Reserve chairman nominee Janet Yellen said she is committed to promoting a strong U.S. economic recovery and will ensure monetary stimulus isn’t removed too soon.
The European equity benchmark has lost less than 0.1 percent this week. The gauge rallied the five previous weeks as the Fed maintained the pace of its bond purchases and the European Central Bank lowered its key interest rate. It’s trading at 15 times projected earnings, below its 2009 peak of 15.7 times. That’s still greater than the five-year average of 11.9 times earnings.
U.S. data today will probably show industrial production cooled in October, reflecting a pause in manufacturing during the 16-day partial shutdown of the federal government. Output rose 0.2 percent last month after gaining 0.6 percent in September.
Manufacturing in the New York region grew at a faster pace in November after slowing for three consecutive months, according to the median economist projection. The Fed Bank of New York’s index probably rose to 5, rebounding from a five-month low. Positive readings signal expansion in New York, northern New Jersey and southern Connecticut.
Vivendi, which is focusing on its music, pay-television, cinema, and Internet units, gained 3.6 percent to 18.89 euros. The Universal Music Group owner posted profit adjusted for non-recurring elements of 403 million euros ($542 million), beating the 386 million-euro average of estimates.
Serco, the services provider that lost its chief executive officer last month amid a criminal probe into its U.K. government prison contracts, rose 2.6 percent to 430 pence. UBS upgraded its rating on the stock to buy from neutral after the shares plunged 17 percent yesterday, saying the price is attractive for investors betting the company can withstand current risks.
Koninklijke Boskalis Westminster NV (BOKA) rose 4.3 percent to 36.20 euros, its biggest advance in three months. The Dutch dredging company raised its full-year net income forecast to at least 360 million euros from a previous forecast of 330 million euros.
FTSE 100 6,696.41 +30.28 +0.45%
CAC 40 4,292.26 +8.35 +0.19%
DAX 9,165.01 +15.35 +0.17%
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