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European stocks were little changed, following a three-day decline, as a report showed the U.K. economy shrank the most in three years last quarter, offsetting a rally by carmakers.
In the U.K., the economy shrank for a third quarter in the three months through June, deepening the country’s double-dip recession. Gross domestic product fell 0.7 percent from the first quarter, the Office for National Statistics said today. Economists had forecast a 0.2 percent drop.
In Germany, a gauge of business confidence slipped in July to the lowest level since March 2010. The Ifo institute’s business climate index, based on a survey of 7,000 executives, dropped to 103.3 from 105.2 in June.
Peugeot climbed 3.6 percent to 6.47 euros after Europe’s second-biggest carmaker posted a first-half operating profit of 4 million euros ($4.9 million), down from 1.16 billion euros a year earlier. The average estimate of analysts ihad called for a loss of 38 million euros.
Daimler AG advanced 3.6 percent to 37.43 euros after saying second-quarter sales increased 10 percent to 28.9 billion euros. The world’s third-largest maker of luxury cars also posted earnings before interest and taxes of 2.24 billion euros, in line with the 2.2 billion-euro average of analyst estimates.
ArcelorMittal gained 1.9 percent to 11.96 euros after the company posted second-quarter earnings before interest, taxes, depreciation and amortization of $2.4 billion, compared with $3.4 billion a year earlier. That was higher than the $2.1 billion median forecast of analysts.
FTSE 100 5,509.16 +9.93 +0.18%
CAC 40 3,093.08 +18.40 +0.60%
DAX 6,419.73 +29.32 +0.46%
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