European stocks little changed as travel drop offsets utilities
European stocks were little changed as a decline in travel companies offset gains in utilities and commodity producers. U.S. index futures were also little changed, while Asian shares climbed.
The Stoxx Europe 600 Index added 0.1 percent to 346.51 at 9:08 a.m. in London. It has rebounded 12 percent from this year’s low on Oct. 16 amid additional stimulus measures from central banks in China, Japan and Europe.
Gains have been supported by Germany’s DAX Index, which is heading for its 10th straight day of gains, the longest winning streak since May 2013, amid optimism that exporters will benefit from a weaker euro as the European Central Bank looks into broadening its asset-buying program.
Standard & Poor’s 500 Index futures rose 0.1 percent today, while the MSCI Asia Pacific Index added 0.3 percent.
A report at 9:30 a.m. London time from the Office for National Statistics may show gross domestic product rose 0.7 percent in the three months through September, according to economists surveyed by Bloomberg.
U.S. data today may show jobless claims slipped in the week to Nov. 22, while separate reports will show durable-goods orders declined in October, and the pace of new home sales increased, according to analyst forecasts.
Utility stocks rose the most of the 19 industry groups on the Stoxx 600 as West Texas Intermediate traded near the lowest price in more than four years. Nations supplying a third of the world’s oil failed to pledge output cuts before OPEC meets tomorrow. RWE AG, Germany’s largest power producer, gained 3.1 percent, and EON SE, the country’s second-biggest, added 1.3 percent.
Commodity Gains
A measure of commodity producers increased, led by Antofagasta Plc, which added 2 percent, and Randgold Resources Ltd, which gained 1.3 percent.
Amadeus IT Holding SA lost 2.4 percent. Deutsche Bank said it’s selling 6.2 million shares in the Spanish operator of travel booking systems. Air France-KLM said in a separate filing it entered into a hedging transaction with the bank for 9.9 million shares of the Madrid-based company.
A gauge of travel-related stocks slid the most on the Stoxx 600. Thomas Cook Group Plc tumbled 19 percent, the most since March 2012, after reporting profit that missed analyst estimates, and saying its chief executive officer is stepping down.
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