“European stocks were little changed, following yesterday’s biggest drop in five weeks, as theEuropean Central Bank kept interest rates at a record low, and investors awaited an update on monetary policy from ECB President Mario Draghi.
Banca Generali (BGN) SpA lost 5.1 percent after Assicurazioni Generali SpA sold part of its stake in the lender. European Aeronautic, Defence & Space Co. dropped 1.3 percent as an investor offered to sell shares worth 384 million euros ($492 million) in the owner of Airbus SAS.BTG Plc (BTG) gained 1.1 percent after increasing its sales forecast for 2013.
The Stoxx Europe 600 Index (SXXP) fell less than 0.1 percent to 294.67 at 1.01 p.m. in London, paring a drop of as much as 0.3 percent. The equity benchmark slid 0.9 percent yesterday and the Standard & Poor’s 500 Index retreated from a record high in New York as U.S. services and jobs data missed forecasts.
“I don’t expect any new things from Draghi today; his comments are usually very general and there will be no big change from what he’s said before regarding the ECB being there as a support if needed,” Michael Kapler, an equities portfolio manager at Mittelbrandenburgische Sparkasse in Potsdam, Germany, said by phone. “With the recent weaker economic data from the U.S., the focus is more on expectations coming down.”
Asian shares pared losses today after the Bank of Japan (8301) said it will double its purchases of bonds in an attempt to stimulate economic growth. The BOJ will buy 7 trillion yen ($73 billion) of securities a month.
National benchmark indexes advanced in 10 of the 18 western European markets. Germany’s DAX rose 0.4 percent, the U.K.’s FTSE 100 slipped 0.3 percent, and France’s CAC 40 added 0.7 percent.
