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European stocks were little changed as an increase in Chinese exports offset investor concerns the Federal Reserve will pare bond purchases this year. U.S. stock futures and Asian shares were also little changed.
The Stoxx Europe 600 Index rose less than 0.1 percent to 302.75 at 8:30 a.m. in London. The benchmark has rallied 9.8 percent since June 24 as the Federal Reserve, European Central Bank and the Bank of England pledged to continue stimulus. The Stoxx 600 fell for a second day yesterday as the Bank of England said it won’t raise interest rates or reduce bond purchases until the U.K.’s jobless rate falls to 7 percent, sparking concern it expects the economic recovery to be slow.
China’s exports and imports rebounded in July more than estimated. Exports rose 5.1 percent from a year earlier, the General Administration of Customs said in Beijing today. That compared with the median estimate for a 2 percent increase in survey and June’s 3.1 percent drop. Imports rose 10.9 percent.
Fed Bank of Cleveland President Sandra Pianalto said yesterday there has been “meaningful improvement” in the labor market and that tapering may be warranted if it continues to strengthen. Fed policy makers are weighing data to determine whether the economy has improved enough to begin reducing its $85 billion in monthly bond purchases.
Deutsche Telekom added 4.2 percent to 9.43 euros. Germany’s largest telephone company said revenue climbed 5.4 percent to 15.2 billion euros ($20.3 billion), beating analyst estimates of 14.6 billion euros. Net income rose 10 percent to 530 million euros from a year earlier.
Commerzbank gained 8.9 percent to 7.21 euros. Germany’s second-largest bank reported second-quarter net income of 43 million euros, compared with 270 million euros in the second quarter of last year, beating the 4.6 million-euro average estimate of analysts.
Adecco SA (ADEN) rose 3.1 percent to 62 Swiss francs after the world’s largest provider of temporary workers, reported increased profit and said it sees positive signs for business as labor markets in Europe stabilize. Second-quarter net income rose 12 percent to 126 million euros, beating the 112.1 million-euro estimate of analysts/
Nestle SA (NESN) declined 2.1 percent to 63.35 francs after the world’s biggest food company posted the slowest first-half sales growth in four years. Sales increased 4.1 percent, excluding acquisitions, divestments and currency shifts, the Vevey, Switzerland-based company said today in a statement. The median of analysts’ estimates was for 4.5 percent growth.
FTSE 100 6,531.67 +20.46 +0.31%
CAC 40 4,051.11 +12.62 +0.31%
DAX 8,290.35 +29.87 +0.36%
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