European Stocks Little Changed Amid Earnings Reports
European stocks were little changed, with the Stoxx Europe 600 Index trading within 1 percent of a six-year high, as investors weighed corporate earnings. U.S. index futures and Asian shares were little changed.
Carnival Plc climbed 3.8 percent after announcing a fleet expansion in Australia and as Morgan Stanley raised its recommendation on the shares. United Internet AG rose 6.3 percent after reporting quarterly sales that beat analysts’ estimates. Vodafone Group Plc (VOD) fell 3.8 percent after predicting profit will drop this year. Deutsche Annington Immobilien SE dropped 7 percent as investors offered to sell a 12.5 percent stake in the German landlord.
The Stoxx Europe 600 Index gained less than 0.1 percent to 338.82 at 9:15 a.m. in London. The equity gauge is trading within 1 percent of its May 13 peak, which was the highest level since January 2008. Standard & Poor’s 500 Index futures slipped 0.1 percent today, while the MSCI Asia Pacific Index retreated 0.2 percent.
Europe’s benchmark index trades at 15.1 times the projected earnings of its members, compared with the five-year average of 12.5 times, data compiled by Bloomberg show. Profit for companies on the index probably will climb an average 8.6 percent in 2014, analysts predict. That compares with a January estimate for growth of 14 percent.
Source: bloomberg
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