Frankfurt - European stocks were little changed as gains in telecommunications shares offset declines in commodity producers.
Vodafone added 4.1%, leading its peers to the biggest rise among industry groups on the Stoxx Europe 600 Index, after reporting better-than-expected service revenue. Miners slid the most on the index, led by Anglo American and BHP Billiton amid further signs of a slowdown in China.
Land Securities dragged a gauge of real estate companies lower, falling 2% after the UK’s largest real estate investment trust posted lower first-half earnings.
The Stoxx 600 slipped 0.1% to 375.4 at 11:23. Investors are weighing the implications of Chinese data showing a slowdown in consumer inflation for global growth, while President Mario Draghi has pledged that the European Central Bank will consider increasing stimulus at its December meeting, even as the Federal Reserve prepares to raise interest rates.
Among other stocks moving on corporate news, Julius Baer fell 2.8% after Switzerland’s third-largest wealth manager said its gross margin narrowed as of the end of October after market volatility restrained client activity over the summer.
Ericsson AB dropped 3% after predicting slower growth for the wireless-networking market. Telefonica Deutschland Holding AG lost 3.7% after Royal KPN NV sold some of its shares. Delta Lloyd NV declined 5.8% after saying shareholders’ funds fell.
National Grid Plc added 2.8% after the UK company said it started a process to sell a majority stake in its domestic gas grid.
Portugal’s PSI 20 Index slid 2% as an alliance of opposition parties prepares to vote Prime Minister Pedro Passos Coelho’s government out of power, threatening to prolong political instability in the nation.