European stocks were little changed, with the Stoxx Europe 600 Index trading near a six-year high, as investors weighed corporate earnings.
Vodafone Group Plc fell to a 14-month low after predicting profit will drop this year. Deutsche Annington Immobilien SE tumbled 6.6 percent as investors sold a 12.5 percent stake in the German landlord. Carnival Plc gained 3.8 percent after announcing a fleet expansion in Australia and as Morgan Stanley raised its rating on the shares. United Internet AG rose the most four years after reporting quarterly sales that beat analysts’ estimates.
The Stoxx 600 slipped 0.1 percent to 338.04 at 2:14 p.m. in London. The gauge is trading within 1.1 percent of its May 13 peak that was the highest level since January 2008. The number of shares trading hands in Stoxx 600-listed stocks was 11 percent lower than the average of the past 30 days at this time of day, data compiled by Bloomberg showed.
“Sentiment is clearly improving across the board, but a lot still depends on earnings really picking up and the macro data remaining on the right course,” said James Butterfill, who helps oversee 28.5 billion pounds ($48 billion) as head of global equity strategy at Coutts & Co. in London. “Markets are not cheap anymore, but certainly still attractive on a relative basis. Leading indicators suggest that corporate margins will continue to expand and we’re still overweight Europe.”