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By Sarah Jones
European stocks were little changed after the biggest two-day slump in more than four months as investors awaited a report on American payrolls. U.S. index futures fell, while Asian shares climbed.
Deutsche Lufthansa AG (LHA) led airlines lower amid concern an outbreak of bird flu in China will hurt travel demand. Iberdrola SA advanced 2.6 percent after Bank of America Corp. upgraded Spain’s biggest utility.
The benchmark Stoxx Europe 600 Index (SXXP) slipped 0.1 percent to 291.33 at 8:09 a.m. in London. The gauge dropped 2 percent in the previous two days after U.S. economic data, including jobless claims and service-industry growth, fell short of forecasts and as European Central Bank President Mario Draghi warned that he sees risks to the euro-area economic recovery. The measure has still rallied 4.2 percent this year amid speculation that central banks will continue so-called quantitative easing.
“We are now moving into a new phase,” William de Vijlder, chief investment officer at BNP Paribas Investment Partners, which oversees about $649 billion, told Mark Barton on Bloomberg Television in London. “It’s walking a thin line where on one hand we have evidence of a growth but at the same time it should not be too strong. Any indication of surprisingly strong data would quickly be met with a market reaction that QE is going to stop.”
Standard & Poor’s 500 Index futures declined 0.1 percent today, after the U.S. gauge closed 0.4 percent higher yesterday. The MSCI Asia Pacific Index gained 0.4 percent as Japan’s Nikkei 225 Stock Average (NKY) surged 1.6 percent to a 4 1/2-year high.
Lufthansa led airlines lower, falling 3.6 percent to 14.39 euros in Frankfurt. The death toll from a new strain of bird flu in China, known as H7N9, rose to six people as authorities in Shanghai shut several poultry markets and culled birds.
Air France-KLM (AF) Group lost 3.5 percent to 7.05 euros and International Consolidated Airlines Group SA (IAG) declined 2.8 percent to 245.3 pence.
Iberdrola climbed 2.6 percent to 3.75 euros after Bank of America raised its recommendation for the Spanish utility to buy from neutral, citing an “attractive risk-reward profile.” The analysts maintained their price estimate of 4.10 euros, 12 percent higher that yestserday’s close.
Punch Taverns Plc surged 8.2 percent to 11.5 pence after the company reported first-half profit in line with management forecasts and said it’s on track to meet its full-year earnings outlook.
To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net
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European stocks were little changed after the biggest two-day slump in more than four months as investors awaited a report on American payrolls. U.S. index futures fell, while Asian shares climbed.
Deutsche Lufthansa AG (LHA) led airlines lower amid concern an outbreak of bird flu in China will hurt travel demand. Iberdrola SA advanced 2.6 percent after Bank of America Corp. upgraded Spain’s biggest utility.
The benchmark Stoxx Europe 600 Index (SXXP) slipped 0.1 percent to 291.33 at 8:09 a.m. in London. The gauge dropped 2 percent in the previous two days after U.S. economic data, including jobless claims and service-industry growth, fell short of forecasts and as European Central Bank President Mario Draghi warned that he sees risks to the euro-area economic recovery. The measure has still rallied 4.2 percent this year amid speculation that central banks will continue so-called quantitative easing.
“We are now moving into a new phase,” William de Vijlder, chief investment officer at BNP Paribas Investment Partners, which oversees about $649 billion, told Mark Barton on Bloomberg Television in London. “It’s walking a thin line where on one hand we have evidence of a growth but at the same time it should not be too strong. Any indication of surprisingly strong data would quickly be met with a market reaction that QE is going to stop.”
Standard & Poor’s 500 Index futures declined 0.1 percent today, after the U.S. gauge closed 0.4 percent higher yesterday. The MSCI Asia Pacific Index gained 0.4 percent as Japan’s Nikkei 225 Stock Average (NKY) surged 1.6 percent to a 4 1/2-year high.
Economic Data
Today’s non-farm payrolls data may show U.S. employers hired a net 190,000 workers last month and the unemployment rate held at a four-year low of 7.7 percent as demand improved at the start of the year, according to the median economist forecast in a Bloomberg survey. That compares with an increase of 236,000 in February.Lufthansa led airlines lower, falling 3.6 percent to 14.39 euros in Frankfurt. The death toll from a new strain of bird flu in China, known as H7N9, rose to six people as authorities in Shanghai shut several poultry markets and culled birds.
Air France-KLM (AF) Group lost 3.5 percent to 7.05 euros and International Consolidated Airlines Group SA (IAG) declined 2.8 percent to 245.3 pence.
Iberdrola climbed 2.6 percent to 3.75 euros after Bank of America raised its recommendation for the Spanish utility to buy from neutral, citing an “attractive risk-reward profile.” The analysts maintained their price estimate of 4.10 euros, 12 percent higher that yestserday’s close.
Punch Taverns Plc surged 8.2 percent to 11.5 pence after the company reported first-half profit in line with management forecasts and said it’s on track to meet its full-year earnings outlook.
To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net
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