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European stocks were little changed this week as better-than-expected economic data from China and the U.S. offset concern that debt-ceiling talks will weigh on recovering growth in the world’s biggest economy.
Delhaize Group SA (DELB) soared 13 percent as quarterly revenue climbed. JCDecaux SA advanced 11 percent after announcing a contract win. TNT Express NV tumbled 34 percent after United Parcel Service Inc. abandoned its bid for the company. PostNL NV, which holds a stake in TNT, retreated 37 percent.
The Stoxx 600 Europe Index fell less than 0.1 percent to 287.03 this week.
China’s economic growth accelerated for the first time in two years as government efforts to revive demand drove a rebound in industrial output and retail sales.
Gross domestic product advanced 7.9 percent in the fourth quarter from a year earlier, the National Bureau of Statistics said in Beijing on Jan. 18. That compared with the median economist estimate of 7.8 percent in a Bloomberg News survey and growth of 7.4 percent in the third quarter.
National benchmark indexes rose in 12 of Europe’s 18 western markets.
FTSE 100 6,154.41 +22.05 +0.36% CAC 40 3,741.58 -2.53 -0.07% DAX 7,702.23 -33.23 -0.43%
Delhaize rallied 13 percent as the brand repositioning at its Food Lion supermarkets in the U.S. boosted sales volumes. Group revenue for the three months ended Dec. 31 increased 2.3 percent to 5.76 billion euros ($7.66 billion).
JCDecaux (DEC) jumped 11 percent. The world’s largest outdoor advertising company on Jan. 16 announced that its newly formed joint venture with Interstate Outdoor Advertising signed a 20- year partnership with the city of Chicago that will generate $700 million in advertising revenue.
Mediaset SpA (MS) rallied 7.8 percent as analysts including those at Berenberg Bank said they expect a recovery in the advertising market to benefit the broadcaster controlled by former Italian Prime Minister Silvio Berlusconi.
TNT slid 34 percent, the most since at least June 2011. PostNL, which holds a 29.8 percent stake in TNT, tumbled 37 percent. The two stocks posted the worst performances this week in the Stoxx 600. (SXXP) UPS, the world’s biggest package-delivery company, on Jan. 14 terminated a 5.16 billion-euro bid for TNT after the European Commission signaled it may block the deal.
Anglo American Plc (AAL) retreated 7.7 percent. The company’s platinum unit, the world’s largest miner of the metal, said this week that it may fire as many as 14,000 workers as it idles four shafts.
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