BLBG: Europe Stocks Are Little Changed Near Record as Miners Decline
European stocks were little changed after equities topped a record.
The Stoxx Europe 600 Index slipped 0.1 percent to 412.52 at 8:49 a.m. in London. Last week, the gauge rallied the most since January, surpassing an all-time high reached in 2000. Miners dropped for the first time in five days on Monday as China’s exports unexpectedly slumped the most in more than a year.
Economic data beating forecasts by the most in two years and a push by the European Central Bank to stimulate growth have sent the gauge tracking the region’s equities up 21 percent this year through Friday. With the euro near a 12-year low, automakers rallied the most in 2015, reaching a record in March. Energy companies closed at their highest level since October, helped by a surge in BG Group Plc after the announcement that Royal Dutch Shell Plc would buy it.
Last week’s stock rally propelled the value of global equities above $70 trillion for the first time. Benchmark stock gauges of Denmark, Portugal, Germany and Italy jumped the most among developed markets this year, climbing more than 25 percent. The Standard & Poor’s 500 Index was among the worst performers.
BHP Billiton Ltd. lost 1.8 percent and Rio Tinto Group fell 0.8 percent. The biggest iron-ore miners are pursuing a flawed strategy of boosting output into an oversupplied market and should slow growth, the premier of Western Australia said.
Tesco Plc fell 1.7 percent after a Telegraph report that the retailer will announce an impairment charge of 3 billion pounds ($4.4 billion) when it reports results on April 22. The newspaper cited Barclays Plc analysts.
