European (SXXP) stocks declined, as shares of carmakers, travel companies and personal-goods producers dropped. U.S. index futures and Asian shares were little changed.
The Stoxx Europe 600 Index lost 0.2 percent to 264.18 at 10:23 a.m. in London. The benchmark gauge has still rallied 8 percent this year amid speculation that euro-area policy makers will contain the region’s sovereign-debt crisis and as U.S. economic data exceeded forecasts. Futures on the Standard & Poor’s 500 Index added less than 0.1 percent. The MSCI Asia Pacific Index retreated less than 0.1 percent.
Of the 202 companies on the benchmark Stoxx Europe 600 Index that have reported quarterly earnings so far, 101 have missed analyst estimates, while 89 have surpassed them, according to data compiled by Bloomberg.
“Banks aren’t going to hide their losses,” Wolfgang Matejka, who manages $331 million at Matejka & Partner Asset Management in Vienna, said in a television interview. “Credit Agricole’s report is honest and that gives a good feeling in spite of the loss.”
The Munich-based Ifo institute said its business climate index, based on a survey of 7,000 executives, climbed to 109.6 from 108.3 in January. That’s the fourth straight gain and the highest reading since July. Economists predicted an increase to 108.8, according to the median of 38 estimates in a Bloomberg News survey.
German Chancellor Angela Merkel indicated she will maintain pressure on Greece to meet debt-cutting pledges required for its second financial rescue, saying fiscal discipline is needed to hold the euro area together.
Euro-area finance ministers this week approved a 130 billion-euro ($172 billion) aid package forGreece and persuaded investors to provide more debt relief to the nation.
A report at 8:30 a.m. Washington time may show U.S. initial jobless claims increased to 355,000 in the week ended Feb. 18.
