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European stocks were little changed, after rallying yesterday by the most in eight months, as data showed the region’s services output expanded faster than estimated while U.S. hiring missed projections.
The Stoxx Europe 600 Index slipped less than 0.1 percent to 337.06 at the close in London. The benchmark gauge gained 2.1 percent yesterday as investors speculated that the military standoff in Ukraine will not lead to war.
A purchasing managers’ index for euro-area services industries rose to 52.6 in February, higher than a provisional reading of 51.7, Markit Economics said. Similar gauges showed services in Germany and the U.K. expanded faster than estimated. Italian services swung from contraction to expansion last month, separate data showed.
A report from the ADP Research Institute showed that American companies added 139,000 workers in February, lower than economists’ estimate of 155,000 and the 127,000 recruited the previous month.
Benchmark indexes fell in seven of the 18 markets in western Europe. The U.K.’s FTSE 100 slid 0.7 percent, Germany’s DAX dropped 0.5 percent and France’s CAC 40 lost 0.1 percent.
Subsea 7 SA declined 7.8 percent to 108 kroner. The offshore oil-services provider said fourth-quarter net income totaled $72 million, trailing the $105 million analysts had predicted.
Lonmin Plc, the third-largest platinum producer, slid 2.4 percent to 293.9 pence. The world’s third-largest platinum producer said it won’t meet its full-year sales target of at least 750,000 ounces because of a strike. More than 70,000 members of the Association of Mineworkers and Construction Union have been on strike since Jan. 23 in South Africa, which accounts for more than 70 percent of platinum production.
Jupiter Fund Management Plc fell 5.3 percent to 405.8 pence. TA Associates Inc., which invested in the London-based company before its initial public offering in 2010, sold its remaining 10.6 percent stake.
Admiral Group rose 7.5 percent to 1,526 pence, the highest price since August 2011, after the U.K. motor insurer posted 2013 pretax profit of 370.2 million pounds ($619 million), exceeding the 363.7 million-pound estimate of analysts.
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