European Stocks Little Changed as Greek Shares Fall Amid TalksNamitha Jagadeesh and Roxana Zega
European stocks were little changed as a rise in makers of food and drinks offset a drop in Greek equities.
The Stoxx Europe 600 Index added 0.1 percent to 377.02 at the close of trading, after declining as much as 0.7 percent. Diageo Plc and Anheuser-Busch InBev NV rose more than 1.5 percent, pushing a gauge of food and beverage shares higher.
The U.K.’s FTSE 100 Index climbed 0.6 percent to the highest level since December 1999, buoyed by an increase in Diageo and gains of more than 1.9 percent in cigarette makers British American Tobacco Plc and Imperial Tobacco Group Plc.
Greece’s ASE Index dropped 2.5 percent, paring losses of as much as 4.7 percent. Euro-area finance ministers said there will be no more talks on financial support unless the Greek government requests an extension of its existing bailout program. Talks ended abruptly on Monday, when Greece refused a euro-area proposal that it stick to the terms of its current bailout program.
The ASE declined the most among 18 western-European markets. Germany’s DAX Index retreated 0.3 percent. A report showed investor confidence in euro area’s biggest economy rose less than forecast.
The Stoxx 600 dropped 0.1 percent on Monday amid Greek talks after closing on Friday at a seven-year high. The benchmark measure has advanced 10 percent in 2015 as the European Central Bank unveiled quantitative easing.
Among stocks moving on corporate news, Pandora A/S rallied 17 percent to a record high as the Danish maker of charm bracelets posted fourth-quarter profit beat analysts’ estimates and forecast higher annual revenue.
Bollore Group rallied 2.4 percent after Carson Block said his firm Muddy Waters is betting on the company. He said in an interview on Bloomberg Television that Bollore could double in value.
Portugal’s PSI 20 Index rose 1.5 percent as Banco BPI SA soared 27 percent, after CaixaBank SA offered to buy out its investors. Banco Comercial Portugues SA rallied 6.9 percent.
TNT Express NV slid 9.8 percent after saying this year will be challenging, and reported a wider net loss. Orange SA lost 1.7 percent after the French telecommunications company forecast a drop in 2015 earnings.
Technical issues at Eurex delayed the opening of futures on the Euro Stoxx 50 Index earlier. All other futures and options were also delayed.
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