Europe Stocks Little Changed on Earnings, Head for Monthly Gain

European stocks were little changed after a three-day gain, and are heading for their biggest monthly jump since February.

BNP Paribas SA climbed 2.5 percent as France’s largest bank swung to the highest quarterly profit in more than three years. Spain’s CaixaBank SA dropped 3.7 percent after cutting its net interest income growth guidance for 2015. Lloyds Banking Group Plc slipped after saying its net interest margin, a measure of profitability, fell.

The Stoxx Europe 600 Index advanced less than 0.1 percent to 396.54 at 8:16 a.m. in London. It has gained 4 percent in July, rebounding from a low as concern faded that Greece will leave the euro. Surging profit at companies including Deutsche Bank AG and PSA Peugeot Citroen and a flurry of deals announcements have pushed the gauge up this week. The VStoxx Index, a measure tracking fear in the equity market has plunged 39 percent in July, set for a record monthly slump.

Airbus Group SE rose 4.7 percent after posting an increase in earnings on higher deliveries of civil airliners. Vinci SA added 1.6 percent as Europe’s biggest builder raised its earnings target for 2015. ArcelorMittal gained 2.4 percent after reporting profit that beat analysts’ estimates. ITV Plc climbed 1.5 percent after Liberty Global Plc increased its stake in the U.K. broadcaster to 9.9 percent.

InterContinental Hotels Group Plc fell 3.5 percent after saying it isn’t in merger talks with Starwood Hotels & Resorts Worldwide Inc.

Source: Bloomberg

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China’s Stocks Fall to Cap Worst Monthly Decline in Six Years

China’s stocks fell, capping the benchmark index’s biggest monthly drop since August 2009, as the government struggles to rekindle investor interest amid a $ 3.5 trillion rout.

The Shanghai Composite Index slid 1.1 percent to 3,663.73 at the close, dragged down by energy and industrial companies. The gauge tumbled 15 percent this month, the biggest loss among 93 global benchmark gauges tracked by Bloomberg, as margin traders cashed out and new equity-account openings tumbled amid concern valuations are unsustainable.

While unprecedented state intervention spurred a 18 percent rebound by the Shanghai Composite from its July 8 low, volatility returned on Monday when the gauge plunged 8.5 percent. Outstanding margin debt on mainland bourses has fallen about 40 percent since mid-June, while the number of new stock investors shrank last week to the smallest since the government started releasing figures in May. Individuals account for more than 80 percent of stock trading in China.

The Hang Seng China Enterprises Index of mainland shares in Hong Kong has tumbled 14 percent this month, poised for its worst loss since September 2011. The gauge lost 0.3 percent Friday, while the Hang Seng Index advanced 0.1 percent. The CSI 300 Index was little changed.

Source : Bloomberg

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U.S. Stocks Little Changed Amid Exxon Results, Weak Wage Data

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U.S. stocks were little changed, as Exxon Mobil Corp.’s results disappointed and investors speculated slow wage growth will temper Federal Reserve plans for higher interest rates.

The Standard & Poor’s 500 Index added 0.1 percent to 2,111.36 at 9:34 a.m. in New York, rising for a fourth day.

Wages and salaries in the U.S. rose in the second quarter at the slowest pace on record, dashing projections that an improving labor market would boost pay. The 0.2 percent advance was the smallest since records began in 1982 and followed a 0.7 percent increase in the first quarter, the Labor Department said.

Fed Chair Janet Yellen and her colleagues are counting on rising wages to boost the economy and bring inflation closer to their 2 percent goal. The setback may prompt some officials to call for a delay in raising interest rates for the first time since 2006.

Yellen has said the Fed is likely to tighten policy this year should the economy continue to improve in line with her expectations. Economists have put the chance of a September increase at 50 percent.

Source : Bloomberg

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