European stocks little changed amid earnings reports

London - European stocks hovered near a two-week high as investors assessed mixed earnings reports.

Air France-KLM Group rose 5.8% after posting its first annual operating profit since 2010, while Randstad Holding NV added 3.9% after the Dutch recruiter announced a higher-than-estimated dividend. Nestle SA was the biggest drag on the Stoxx Europe 600 Index, falling 4.1% after reporting its smallest annual sales gain in six years.

The Stoxx 600 rose less than 0.1% at 10:15. The benchmark gauge rebounded 2.6% yesterday, led by a rally in mining shares.

Europe’s stocks have turned cheaper after a rout this year triggered by a deepening oil rout, concern over global-growth prospects and dissipating faith in central-bank support. Stoxx 600 firms trade at 14.5 times estimated earnings, down from a multiple of 17.3 in April.

A gauge of commodity producers fell after yesterday’s 8.1% surge helped erase losses for the year and pushed it into a bull market. Anglo American and Rio Tinto dropped 2.3% or more.

Among other stocks active on corporate news, Accor SA climbed 2.4% after posting earnings that beat estimates.