European Stocks Little Changed Before BOE Decisions
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European stocks were little changed as investors awaited the Bank of England’s decision on continuing economic stimulus and as the Bank of Korea cut interest rates. U.S. index futures were little changed, while Asian shares fell.
Snam SpA lost 3.8 percent as Eni SpA was selling an 11.7 percent stake in the owner of Italy’s biggest natural-gas network.
The Stoxx Europe 600 Index lost 0.2 percent to 303.12 at 8:06 a.m. in London. The benchmark gauge rallied yesterday to its highest level since June 2008 amid better-than-expected corporate earnings. The measure has gained 8.4 percent so far in 2013, its best start to a year since 2006. Contracts on the Standard & Poor’s 500 Index retreated 0.1 percent, while the MSCI Asia Pacific Index dropped 0.3 percent.
“Today, the BOE has its opportunity to pump up markets, but despite Mervyn King being a believer in the philosophy of printing to prosperity, the rest of the MPC have managed to curtail his efforts,” Jonathan Sudaria, a trader at Capital Spreads in London, wrote in a note.
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