Amwal Al Ghad English - 2013-07-26 09:10:54
European stocks were little changed as carmakers dropped, offsetting gains by companies from LVMH Moet Hennessy Louis Vuitton SA to Kering SA that reported faster quarterly sales growth. U.S. index futures fluctuated, while Asian shares fell.
LVMH, which owns Louis Vuitton and Christian Dior, rallied 4.5 percent. Kering, the owner of Gucci, advanced 3.8 percent. Vivendi SA climbed 2.9 percent after selling its controlling stake in Activision Blizzard Inc. (ATVI) to the company and a group led by its chief executive officer for $8.17 billion. Air France-KLM Group added 1.7 percent.
The Stoxx Europe 600 Index rose 0.1 percent to 299.96 at 9:10 a.m. in London, paring a gain of as much as 0.7 percent. The gauge headed for a weekly advance of 0.1 percent, its fifth consecutive gain. It has rallied 5.3 percent so far in July as the Federal Reserve said its stimulus program remained flexible and as companies from UBS AG to Publicis Groupe SA reported increased profit. Standard & Poor’s 500 Index futures slipped 0.1 percent, while the MSCI Asia Pacific Index fell 0.6 percent.
“Markets are up because we’ve seen some good earnings from European companies today, including LVMH and Kering,” said Jacques Porta, who helps oversee $780 million as a fund manager at Ofi Gestion Privee in Paris. “We’ve also seen good news from Vivendi. Earnings have driven the markets this week.” More»