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20.01.2014 11:30

European stock fell

European stocks were little changed after a two-week rally pushed the Stoxx Europe 600 Index to a six-year high. U.S. equity-index futures were also little changed, while Asian shares dropped.

The Stoxx 600 fell less than 0.1 percent to 335.71 at 9:16 a.m. in London. The benchmark jumped 1.8 percent last week, extending its gain since the start of the year to 2.3 percent, as mining companies rallied and the World Bank raised its global-growth forecasts.

Asian equities dropped, snapping three days of gains, after China reported slowing economic growth in the fourth quarter. Gross domestic product in the world’s second-biggest economy grew 7.7 percent from a year earlier, slowing from 7.8 percent a year ago. That still exceeded economists’ estimate for a 7.6 percent expansion.

Deutsche Bank fell 4.3 percent to 37.64 euros. The lender posted a pretax loss of 1.15 billion euros ($1.56 billion) in the fourth quarter because of 528 million euros in litigation-related expenses, as well as costs tied to its reorganization and charges to adjust credit, debt and funding valuations. Analysts had called for a 628.5 million-euro pretax profit.

Peugeot lost 5.5 percent to 10.85 euros. The company was said to have obtained board approval for a capital increase of 3 billion euros ($4.1 billion). China’s Dongfeng Motor Group Co. would invest at least 750 million euros and Peugeot would seek to raise 1.4 billion euros through a rights offering. The French state would also invest 750 million euros.

Lanxess AG fell 3 percent to 48.27 euros. Nomura Holdings Inc cut its rating on the specialty-chemicals maker to reduce from neutral. The brokerage citing Lanxess’s pricing power as the main risk.

Air France-KLM (AF) dropped 3.8 percent to 8.95 euros. UBS AG downgraded Europe’s biggest airline to neutral from buy, citing the recent rally in the shares. Air France rallied 23 percent since the start of the year through Jan. 17.

FTSE 100 6,832.48 +3.18 +0.05%

CAC 40 4,327.07 -0.43 -0.01%

DAX 9,726.56 -16.40 -0.17%

20.01.2014 13:01

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