European stocks were little changed, with the Stoxx Europe 600 Index trading near its highest level in 4 1/2 years, as a report showed that U.K. manufacturing output unexpectedly contracted.
Antofagasta Plc posted its biggest advance in more than two months after the copper producer more than doubled its dividend from a year earlier. St. James’s Place Plc dropped the most this year after Lloyds Banking Group Plc reduced its stake in the wealth-management business. Pirelli & C. SpA retreated 2.8 percent after forecasting earnings for 2013 that fell short of analysts’ estimates.
The Stoxx 600 added 0.1 percent to 295.66 at 2:48 p.m. in London after climbing as much as 0.3 percent and dropping as much as 0.2 percent. The gauge has surged 5.8 percent this year as U.S. lawmakers agreed on a compromise budget. The equity benchmark rose to its highest level since June 2008 last week.
“We’re getting more cautious about this top of the equity market, and we’re beginning to think maybe you should take some risk off the table,” said Philippe Bonnefoy, who oversees $565 million as chief investment officer at Newscape Capital Group. He spoke in an interview on Bloomberg Television. “Analysts have been pretty positive and aggressive on earnings and you’ve seen earnings downgrades rather than upgrades in many cases.”
Of the 269 companies on the Stoxx 600 (SXXP) that have posted quarterly earnings this season, 49 percent have beaten analysts’ profit projections, according to data compiled by Bloomberg. That compares with 52 percent for the previous quarter.
Volumes Drop
National benchmark indexes advanced in every western- European market, except Austria and Luxembourg. France’s CAC 40 and the U.K.’s FTSE 100 rose 0.4 percent. Germany’s DAX added 0.1 percent. The number of shares changing hands in Stoxx 600- listed companies was 8 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
The Stoxx 600 rallied 2.3 percent last week, its biggest advance in two months, as a report showed the U.S. economy created more jobs than forecast and optimism mounted that central banks will continue to stimulate their economies.
U.K. manufacturing output slipped 1.5 percent in January after increasing a revised 1.5 percent in December, according to a statement from the Office for National Statistics. Economists had predicted the measure would be unchanged. Total industrial production in the European Union’s third-largest economy declined 1.2 percent in January after gaining 1.1 percent in the previous month, separate figures showed. Economists had called for a 0.1 percent increase.
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Antofagasta Plc posted its biggest advance in more than two months after the copper producer more than doubled its dividend from a year earlier. St. James’s Place Plc dropped the most this year after Lloyds Banking Group Plc reduced its stake in the wealth-management business. Pirelli & C. SpA retreated 2.8 percent after forecasting earnings for 2013 that fell short of analysts’ estimates.
The Stoxx 600 added 0.1 percent to 295.66 at 2:48 p.m. in London after climbing as much as 0.3 percent and dropping as much as 0.2 percent. The gauge has surged 5.8 percent this year as U.S. lawmakers agreed on a compromise budget. The equity benchmark rose to its highest level since June 2008 last week.
“We’re getting more cautious about this top of the equity market, and we’re beginning to think maybe you should take some risk off the table,” said Philippe Bonnefoy, who oversees $565 million as chief investment officer at Newscape Capital Group. He spoke in an interview on Bloomberg Television. “Analysts have been pretty positive and aggressive on earnings and you’ve seen earnings downgrades rather than upgrades in many cases.”
Of the 269 companies on the Stoxx 600 (SXXP) that have posted quarterly earnings this season, 49 percent have beaten analysts’ profit projections, according to data compiled by Bloomberg. That compares with 52 percent for the previous quarter.
Volumes Drop
National benchmark indexes advanced in every western- European market, except Austria and Luxembourg. France’s CAC 40 and the U.K.’s FTSE 100 rose 0.4 percent. Germany’s DAX added 0.1 percent. The number of shares changing hands in Stoxx 600- listed companies was 8 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
The Stoxx 600 rallied 2.3 percent last week, its biggest advance in two months, as a report showed the U.S. economy created more jobs than forecast and optimism mounted that central banks will continue to stimulate their economies.
U.K. manufacturing output slipped 1.5 percent in January after increasing a revised 1.5 percent in December, according to a statement from the Office for National Statistics. Economists had predicted the measure would be unchanged. Total industrial production in the European Union’s third-largest economy declined 1.2 percent in January after gaining 1.1 percent in the previous month, separate figures showed. Economists had called for a 0.1 percent increase.
For more Information Plz log on to www.rpshares.com
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