Market news
10.06.2013, 10:30

Major stock indexes in Europe traded with a slight change

Stocks in Europe were little changed after three weeks of losses, as China's export growth tumbled to a 10-month low while Japan's economy expanded more than initially estimated. U.S. index futures and Asian shares gained.

The Stoxx Europe 600 Index rose 0.1 percent to 295.78 at 10:04 a.m. in London as three shares advanced for every two that fell. Standard & Poor's 500 Index futures added 0.4 percent after the U.S. gauge jumped the most since April on June 7 as payrolls topped projections.

China's export growth plummeted to a 10-month low in May and imports unexpectedly fell as a crackdown on fake trade invoices exposed weakness in global demand. Overseas sales rose 1 percent from a year earlier, the General Administration of Customs said on June 8, and down from April's 14.7 percent pace. Imports dropped 0.3 percent. In Japan, gross domestic product expanded an annualized 4.1 percent in the first quarter, compared with a preliminary calculation of 3.5 percent, the Cabinet Office said in Tokyo today. Consumer confidence climbed to the highest level since 2007 in May, separate data showed.

Severn Trent slid 5.3 percent to 1,960 pence, the largest decline since June 20, 2012. Borealis Infrastructure Management Inc. and its partners in the LongRiver group abandoned a 5.3 billion-pound ($8.2 billion) offer for Severn Trent after the U.K. water utility declined to negotiate.

Anglo American and Rio Tinto Group retreated 3.3 percent to 1,415 pence and 2.8 percent to 2,730.5 pence, respectively, as a gauge of basic-resources companies fell the most among the 19 industry groups in the Stoxx 600. Antofagasta Plc (ANTO), the Chilean copper producer, slipped 1.8 percent to 905 pence.

Man Group advanced 2 percent to 96.8 pence after the hedge-fund manager plunged 18 percent last week.

ITV Plc rose 4.6 percent to 135.3 pence, the biggest gain since February. Liberum Capital upgraded its price estimate on the U.K. broadcaster's shares to 200 pence from 155 pence, citing "structurally resilient" free-to-air television advertisements and forecast growth in online and content revenue.

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