European stocks were little changed as data showed the euro area’s economy existed from a record-long recession in the second quarter, led by Germany and France. The Stoxx Europe 600 Index rose less than 0.1%.
EU GDP expanded 0.3% in the April-June period after a 0.3% contraction in the previous three months. That exceeded the median estimate of 0.2% growth. From a year earlier, the economy shrank 0.7% in the second quarter.
Europe is showing signs of life and is exiting recession earlier than many expected. More forward looking indicators are pointing at further reacceleration in the coming quarters, which is very good news, experts said.
RWE AG lost 5.5% after second-quarter profit missed analysts’ estimates.
Celesio AG slipped 2.5% after the pharmaceutical wholesaler cut its full-year forecast.
ThyssenKrupp AG slipped 2.4%. Germany’s largest steelmaker said it won’t rush the sale of its Steel Americas unit, which is taking longer than expected.
United Internet AG climbed 6.1% to 25.99, its highest price since at least 1998. The German provider of phone and Internet services posted higher first-half profit and raised its forecast for new customer contracts to 1.1 million from about 1 million.
Rentokil Initial Plc (RTO) surged 8.7% to its highest price since January 2011. The company reported a 5.2 percent increase in first-half operating profit and 3.7% rise in revenue as growth accelerated in the second quarter and business outside Europe picked up.
Swiss Life Holding AG (SLHN) gained 2.3%. Switzerland’s biggest life insurer reported an increase in first-half profit that exceeded analyst estimates after selling more policies in Switzerland and France.
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