FX & CFD trading involves significant risk
European stocks closed little changed, trimming earlier gains, as companies from Danone (BN) to TNT (TNTE) Express NV reported results.
The Stoxx Europe 600 Index added less than 0.1 percent to 299.06 at the close of trading, having earlier climbed as much as 0.7 percent. The gauge slipped 0.3 percent last week as earnings from BASF SE and ABB Ltd. missed estimates while a survey of purchasing managers showed euro-area manufacturing unexpectedly expanded in July for the first time in two years.
National benchmark indexes advanced in 10 of the 18 western-European markets today.
FTSE 100 6,560.25 +5.46 +0.08% CAC 40 3,968.91 +0.07 0.00% DAX 8,259.03 +14.12 +0.17%
The Stoxx 600 has rallied 4.9 percent in July, the biggest monthly gain since October 2011, as the Federal Reserve said it remains flexible on the pace of asset purchases. Fed policy makers begin a two-day meeting tomorrow.
U.S. gross domestic product probably rose 1 percent on an annualized basis in the second quarter, after gaining 1.8 percent in the previous period, data will show on Wednesday, according to a separate survey of economists. Payrolls increased by 185,000 after a 195,000 gain in June, and the jobless rate fell to 7.5 percent from 7.6 percent, according to the median forecast of economists before Labor Department data on Friday.
Danone rose 3.2 percent to 59.27 euros. Second-quarter revenue growth topped analyst estimates as the company sold more baby-nutrition products in China and dairy sales climbed more than forecast.
Elan increased 3.7 percent to 11.55 euros after the Irish drug company agreed to be bought by Perrigo Co., a U.S. maker of over-the-counter medicines.
Royal KPN NV (KPN) rallied 4.6 percent to 1.98 euros. Billionaire Carlos Slim’s America Movil SAB ended an agreement with KPN that capped the Mexican company’s stake in the Dutch phone carrier at about 30 percent. If America Movil raises its stake above that threshold, it would have to bid for all of KPN’s shares, according to Dutch law.
Essilor International SA (EI) climbed 6.2 percent to 85.62 euros as the world’s biggest maker of eyeglass lenses agreed to buy full control of its Transitions Optical venture from PPG Industries Inc. for $1.73 billion to strengthen its tinted-products line.
TNT declined 4.6 percent to 5.86 euros, the largest drop since January. The company reported a second-quarter loss of 304 million euros ($403 million), after a profit of 39 million euros last year.
Barclays Plc (BARC) fell 3.5 percent to 309.05 pence as Britain’s second-largest bank by assets considers selling shares or contingent convertible bonds.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.