European stocks were little changed near a two-month high, as gains in Actelion Ltd. and Whitbread Plc after earnings reports tempered losses in commodity shares.
Actelion rose 4.4 percent after the Swiss drugmaker raised its 2015 profit projection, buoyed by sales of its new drug for a rare lung disease. Whitbread and Assa Abloy AB added 3.2 percent or more after posting earnings that beat analysts’ estimates. Declines of at least 2 percent in Glencore Plc and BHP Billiton Ltd. dragged miners to the worst performance among industry groups in the Stoxx Europe 600 Index.
The Stoxx 600 advanced less than 0.1 percent to 364.56 at 8:17 a.m. in London. The equity benchmark climbed for the past three days amid positive financial results, closing at its highest level since August yesterday.
A report today showed Swiss watch exports had their biggest quarterly decline since 2009, sending shares of Swatch Group AG and Cie. Financiere Richemont SA at least 1.5 percent lower.
After a quarterly selloff triggered by concern over China’s slowdown and Volkswagen’s cheating scandal, the benchmark measure has rebounded this month, trimming its decline from an April record to 12 percent.
Source : Bloomberg