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.
Rand - Dollar
19.21
+0.0%
Rand - Pound
23.96
-0.0%
Rand - Euro
20.58
-0.1%
Rand - Aus dollar
12.50
-0.2%
Rand - Yen
0.12
+0.2%
Platinum
911.70
-0.1%
Palladium
1,000.00
-0.5%
Gold
2,317.54
+0.1%
Silver
27.13
-0.1%
Brent Crude
88.02
-0.5%
Top 40
68,574
0.0%
All Share
74,514
0.0%
Resource 10
60,444
0.0%
Industrial 25
104,013
0.0%
Financial 15
15,837
0.0%
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