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European stocks pared their advance as real-estate companies fell, offsetting gains by mining companies after Chinese industrial production beat estimates. U.S. stock futures and Asian shares were little changed.
The Stoxx Europe 600 Index rose 0.1 percent to 304.34 at 8:40 a.m. in London, paring a gain of as much as 0.3 percent. The gauge has climbed 0.1 percent this week. The equity benchmark has rallied 10 percent from a low on June 24 as the European Central Bank and the Bank of England said interest rates will remain low for an extended period of time.
“With no major economic data or company reports due in Europe and the U.S., investors are focusing on the positive news coming out of China,” said Alessandro Fezzi, senior market analyst at LGT Bank Schweiz AG in Zurich. “Inflation, for example, is overall a positive for stocks as the inflation rate remains clearly below the government’s target and this gives the central bank some room for potential economic stimulus, which has some market participants excited.”
The Stoxx 600 climbed yesterday as faster-than-expected Chinese exports outweighed concern that the Federal Reserve will reduce its bond purchases this year.
In China, the consumer-price index rose 2.7 percent in July from a year earlier, the National Bureau of Statistics said today in Beijing. That remained below the government’s inflation target for 2013 of 3.5 percent. The median economist estimate survey had called for CPI to climb 2.8 percent.
A separate release showed that industrial output rose 9.7 percent last month from a year earlier, more than the 8.9 percent median forecast
KPN surged 17 percent to 2.34 euros as America Movil offered 2.40 euros per share for the company. The price -- a 20 percent premium to KPN’s close yesterday -- would value the stake America Movil doesn’t already own at 7.2 billion euros ($9.6 billion). America Movil has a 29.8 percent holding in KPN.
Stockmann rallied 5.3 percent to 11.93 euros, its biggest gain in more than a year, as second-quarter net income of 19.5 million euros exceeded the average analyst projection of 15.4 million euros. The company also kept it guidance for the year.
FTSE 100 6,542.55 +12.87 +0.20%
CAC 40 4,057.95 -6.37 -0.16%
DAX 8,297.96 -20.36 -0.24%
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