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European Stocks Are Little Changed as LVMH Gains on Sales
Published in Amwal Al Ghad on 26 - 07 - 2013

European stocks were little changed as carmakers dropped, offsetting gains by companies from LVMH Moet Hennessy Louis Vuitton SA to Kering SA that reported faster quarterly sales growth. U.S. index futures fluctuated, while Asian shares fell.
LVMH, which owns Louis Vuitton and Christian Dior, rallied 4.5 percent. Kering, the owner of Gucci, advanced 3.8 percent. Vivendi SA climbed 2.9 percent after selling its controlling stake in Activision Blizzard Inc. (ATVI) to the company and a group led by its chief executive officer for $8.17 billion. Air France-KLM Group added 1.7 percent.
The Stoxx Europe 600 Index rose 0.1 percent to 299.96 at 9:10 a.m. in London, paring a gain of as much as 0.7 percent. The gauge headed for a weekly advance of 0.1 percent, its fifth consecutive gain. It has rallied 5.3 percent so far in July as the Federal Reserve said its stimulus program remained flexible and as companies from UBS AG to Publicis Groupe SA reported increased profit. Standard & Poor's 500 Index futures slipped 0.1 percent, while the MSCI Asia Pacific Index fell 0.6 percent.
"Markets are up because we've seen some good earnings from European companies today, including LVMH and Kering," said Jacques Porta, who helps oversee $780 million as a fund manager at Ofi Gestion Privee in Paris. "We've also seen good news from Vivendi. Earnings have driven the markets this week."
In the U.S., a report at 9:55 a.m. New York time may show consumer confidence declined this month. The Thomson Reuters/University of Michigan index of consumer sentiment dropped to 84 from 84.1 in June, according to the median estimate of economists surveyed by Bloomberg. The initial reading for the measure was 83.9.
LVMH, Kering
LVMH advanced 4.5 percent to 136.20 euros after the world's largest maker of luxury goods said organic revenue increased 9 percent in the second quarter, faster than the 7 percent gain in the first quarter.
Kering rose 3.8 percent to 177.35 euros as the company formerly known as PPR said luxury sales climbed 9.4 percent, exceeding the previous quarter's 6.4 percent increase.
Vivendi climbed 2.9 percent to 16.44 euros. Activision will purchase 429 million of its shares from Europe's biggest media and telecommunications company for $5.83 billion. A group led by CEO Bobby Kotick will buy an additional 172 million shares for $2.34 billion, leaving Vivendi with a 12 percent stake in the video-game publisher.
Air France-KLM rose 1.7 percent to 6.48 euros after forecasting an improvement in the second half "in line with that of the first half." The airline swung to an operating profit last quarter.
Safran, Belgacom
Safran advanced 1.4 percent to 43.60 euros after predicting adjusted recurring operating income will increase by about 20 percent this year, compared with previous guidance for growth in the "mid-teens."
Belgacom SA rallied 9 percent to 18.33 euros after reporting second-quarter earnings before interest, taxes, depreciation, amortization and some items of 430 million euros. Analysts on average had estimated Ebitda of 414.2 million euros.
Source: Bloomberg


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