A measure of commodity producers posted the worst performance of the
19 industry groups on the Stoxx Europe 600 Index, with Rio Tinto Group
and Glencore Plc weighing heaviest after yesterday’s rebound.
The
Stoxx 600 fell less than 0.1 percent to 328.63 at 9:11 a.m. in London,
after swinging between losses of as much as 0.6 percent and a gain of
0.5 percent.
The equity gauge is heading for a 4.1 percent weekly decline. It is trading at about 14.4 times estimated earnings, almost 10 percent below the valuation for the Standard & Poor’s 500 Index.
Amid volatile trading, the European equity benchmark closed down yesterday as sliding automakers and Credit Suisse Group AG outweighed gains in commodity producers.
A gauge tracking equity swings has jumped 32 percent this year as the Stoxx 600 has lost about 10 percent, with concern about bad loans at banks adding to worries about an oil rout and China’s economy.
Investors will look to a U.S. report on January employment today for indications of the sturdiness of the American economy and the trajectory of interest rates in the wake of the turmoil. Economists forecast a 190,000 gain in nonfarm payrolls with unemployment holding at 5 percent.
Among stocks moving on corporate news, ArcelorMittal lost 5.1 percent after announcing plans to raise $3 billion from investors and sell a $1 billion stake in Spanish auto-parts maker Gestamp in a bid to ride out an industry slump caused by record Chinese exports.
BNP Paribas SA rose 4.7 percent after announcing a revamp of its investment bank to boost profit and free up capital, even as it posted a worse-than-estimated 52 percent decline in fourth-quarter earnings.
Volvo AB gained 1.8 percent after the second-biggest truckmaker reported fourth-quarter earnings of 5.38 billion kronor ($640 million), compared with a loss of 1.43 billion kronor a year earlier.
The equity gauge is heading for a 4.1 percent weekly decline. It is trading at about 14.4 times estimated earnings, almost 10 percent below the valuation for the Standard & Poor’s 500 Index.
Amid volatile trading, the European equity benchmark closed down yesterday as sliding automakers and Credit Suisse Group AG outweighed gains in commodity producers.
A gauge tracking equity swings has jumped 32 percent this year as the Stoxx 600 has lost about 10 percent, with concern about bad loans at banks adding to worries about an oil rout and China’s economy.
Investors will look to a U.S. report on January employment today for indications of the sturdiness of the American economy and the trajectory of interest rates in the wake of the turmoil. Economists forecast a 190,000 gain in nonfarm payrolls with unemployment holding at 5 percent.
Among stocks moving on corporate news, ArcelorMittal lost 5.1 percent after announcing plans to raise $3 billion from investors and sell a $1 billion stake in Spanish auto-parts maker Gestamp in a bid to ride out an industry slump caused by record Chinese exports.
BNP Paribas SA rose 4.7 percent after announcing a revamp of its investment bank to boost profit and free up capital, even as it posted a worse-than-estimated 52 percent decline in fourth-quarter earnings.
Volvo AB gained 1.8 percent after the second-biggest truckmaker reported fourth-quarter earnings of 5.38 billion kronor ($640 million), compared with a loss of 1.43 billion kronor a year earlier.
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