European stocks were little changed, after closing at their lowest level in more than three months, as Russia retaliated for Ukraine-related sanctions, and Munich Re posted worse-than-forecast earnings. U.S. stock-index futures rose, while Asian shares were little changed. Munich Re slipped 2.1 percent. Adidas AG lost 3.7 percent after cutting its profit forecast for 2014. Commerzbank AG added 2 percent after saying second-quarter profit more than doubled as it shed unwanted assets. Nestle (NESN) SA rose 3.4 percent after it announced plans for a share buyback as first-half revenue growth beat analysts’ estimates. The Stoxx Europe 600 Index slipped 0.1 percent to 329.03 at 12:47 p.m. in London. The equity gauge fell to its lowest level since April 15 yesterday as concern mounted over a buildup of Russian troops along the border with Ukraine. The measure has fallen 5.9 percent from a six-year high on June 10. Standard & Poor’s 500 Index futures rose 0.2 percent today and the MSCI Asia Pacific Index fell 0.1 percent. Waging Financial War “There is still uncertainty,� Soeren Steinert, who helps manage about $26 billion as associate director for equities trading at Quoniam Asset Management GmbH in Frankfurt, wrote in an e-mail. “We’ve seen disappointing results today, notably Munich Re, and disappointing macro-economic numbers this morning from Germany. People are cautious about taking new positions.� German industrial output expanded in June less than forecast as Europe’s largest economy came under pressure from political tensions with Russia. Production (GRIPIMOM), adjusted for seasonal swings, rose 0.3 percent from May, when it shrank a revised 1.7 percent, the Economy Ministry in Berlin said. Output missed the average economist prediction of a 1.2 percent gain. Russia Retaliates Russia banned a range of food imports from the U.S. and Europe. The restrictions include all cheese, fish, beef, pork, fruit, vegetables and dairy products, Prime Minister Dmitry Medvedev said today in Moscow. The curbs are targeted at nations that have imposed or supported sanctions against Russia and also include Canada, Australia and Norway. The European Central Bank held its benchmark rate at 0.15 percent today. The Bank of England’s Monetary Policy Committee also kept its key interest rate unchanged at a record-low 0.5 percent today. In the U.S., a report on initial jobless claims at 8:30 a.m. in Washington will show the number of Americans filing for unemployment benefits rose to 304,000 in the week ended Aug. 2 from 302,000 the previous period, according to the median estimate of economists surveyed by Bloomberg News. The volume of shares changing hands in Stoxx 600-listed companies was 14 percent higher than the 30-day average for this time of day, according to data compiled by Bloomberg. Munich Re Munich Re slid 2.1 percent to 149.15 euros. The world’s biggest reinsurer said second-quarter net income advanced to 765 million euros ($1 billion) from 528 million euros a year earlier, helped by higher investment income. That compared with the 798 million-euro average estimate of analysts surveyed by Bloomberg. Major claims in the quarter rose to 617 million euros from 605 million euros. The biggest natural-catastrophe cost was a 180 million-euro loss tied a February snowstorm in Japan. Adidas lost 3.7 percent to 55.96 euros. The world’s second-biggest sports-gear maker cut its profit forecast for 2014 after first-half revenue in North America dropped amid a decline in demand for golf equipment. Operating profit will total 6.5 percent to 7 percent of sales, rather than the 8.5 percent to 9 percent range previously estimated. Beiersdorf AG fell 3.3 percent to 64.97 euros. The maker of Nivea body wash reported first-half organic sales growth of 5 percent as revenue in western Europe advanced less than in other markets. That missed the median analyst estimate of 5.9 percent. Commerzbank Gains Commerzbank added 2 percent to 10.62 euros. Germany’s second-biggest bank said net income rose to 100 million euros from 40 million euros a year earlier. Analysts had called for a 127 million-euro profit. The lender also said it will cut unwanted assets to around 67 billion euros by the end of 2016, more than a previous target of 75 billion euros. Provisions for bad debt in 2014 will be “well below� the 2013 level, it said. Nestle rose 3.4 percent to 69.35 Swiss francs. The world’s largest food company will spend 8 billion francs ($8.8 billion) in its first share buyback in three years. Revenue gained 4.7 percent excluding acquisitions, divestments and currency shifts, the company also said. That beat the median analyst estimate for 4.5 percent growth. Zurich Insurance Zurich Insurance Group AG (ZURN) climbed 3.2 percent to 268.90 francs. The biggest Swiss insurer said second-quarter operating profit rose 32 percent from a year earlier to $1.24 billion. Earnings from general insurance, its biggest business, surged 44 percent as losses from natural catastrophes dropped to $175 million from $435 million, it said in a statement. Rio Tinto Group (RIO) gained 1.5 percent to 3,441 pence. The world’s second-largest mining company said first-half underlying profit rose to $5.1 billion from $4.2 billion a year earlier on record iron-ore shipments. That compares with the $4.5 billion average estimate of 10 analysts surveyed by Bloomberg. Rio raised its dividend by 15 percent to 96 cents a share. Aviva Plc (AV/) climbed 2.6 percent to 502.5 pence. The U.K.’s second-biggest insurer by market value reported a 4 percent increase in operating profit to 1.05 billion pounds ($1.76 billion). That beat the 1.03 billion-pound average prediction of analysts provided by the company. The insurer also increased its interim dividend 4.5 percent to 5.85 pence a share. To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Alan Soughley

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