MW: Europe stocks steady with G-20 meeting in focus
By Sara Sjolin, MarketWatch
LONDON (MarketWatch) — European stock markets traded in tight ranges Friday, as investors opted to stay on the sidelines ahead of the Group of 20 nations meeting in Moscow, with any hints of exchange-rates policy monitored closely.
The Stoxx Europe 600 index XX:SXXP +0.08% was slightly higher at 287.89.
Shares of precious-metals miners were among biggest decliners, after a round of downgrades by Citigroup. Shares of Randgold Resources Ltd. UK:RRS -3.71% dropped 3.6% and Fresnillo PLC UK:FRES -4.89% lost 4.8% as ratings on both U.K. miners were slashed to sell from neutral, while Petropavlovsk PLC UK:POG -4.96% shaved off 5% as it was cut to neutral from buy.
Also on the decline in Europe, shares of Aker Solutions ASA dropped more than 10% after the Norwegian oil-services firm reported fourth-quarter profit below market expectations.
On an upbeat note, shares of luxury-goods firm PPR SA FR:PP +7.32% jumped 8%, as the Gucci owner said it is confident of its prospects for 2013 after posting a rise in net profit last year. See: PPR confident for 2013 amid luxury boom
For the broader market, investors trained their attention on developments in Moscow where the Group of 20 nations meeting got under way. A draft statement on Thursday reportedly said the finance ministers and central bankers from the group would reiterate a vow to refrain from competitive devaluation of currencies following recent worries over a global currency war amid a sharp decline in the Japanese yen. See: G-20 to vow no competitive devaluation: reports and See: Russian meteor christens G-20 meeting
Among country-specific indexes in Europe, the U.K.’s FTSE 100 index UK:UKX +0.17% rose 0.1% to 6,333.19.
Anglo American PLC UK:AAL +1.49% rose 1.4%, after the miner’s chief executive Cynthia Carroll said she sees a better 2013 after a challenging 2012. See: Anglo American CEO expects better year in 2013
France’s CAC 40 index FR:PX1 +0.17% rose 0.1% to 3,672.57. Shares of Renault SA FR:RNO +3.33% rose 3.7%, after J.P. Morgan Cazenove lifted the car maker to overweight from neutral.
Germany’s DAX 30 index DX:DAX +0.00% lost 0.2% to 7,619.33.
Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.
