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European stocks little changed as automakers offset miner drop

European stock markets were little changed as gains in automakers and banks offset sliding miners and energy producers.

Daimler AG and Volkswagen AG pushed car-related companies higher as the euro weakened. Italian banks led lenders ahead for a second day. Glencore Plc and Rio Tinto Group pulled resource-related companies to the worst performance of the 19 industry groups on the Stoxx Europe 600 Index. Total SA dragged oil stocks lower as the price of crude retreated.

The Stoxx 600 advanced 0.1 percent to 342.12 at 9:18 a.m. in London, erasing losses of as much as 0.9 percent. Shares closed higher Friday, while ending the week little changed as investor confidence that central banks remain willing to support global growth was tempered by concerns over earnings prospects.

Among stocks moving on corporate news today, Swedbank AB lost 2.1 percent after naming a new chief financial officer. Telecom Italia SpA climbed 3.5 percent after saying that Chief Executive Officer Marco Patuano is discussing the terms of his resignation. Gas Natural SDG SA added 2.1 percent after changing its dividend proposal and increasing its payout ratio.

Source: Bloomberg

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