Bloomberg News

European Stocks Are Little Changed; Asos, National Express Fall

June 03, 2011

June 3 (Bloomberg) -- European stocks were little changed, with the benchmark Stoxx Europe 600 Index headed for a fifth week of declines, as investors awaited a U.S. job report that may provide further evidence of the strength the world’s largest economy. Asian shares fell and U.S. futures were little changed.

Asos Plc dropped 1.5 percent after UBS AG recommended selling shares of Britain’s second-largest online clothing retailer. National Express Group Plc lost 1.1 percent after JPMorgan Chase & Co. rated the company “underweight” in new coverage. Fiat SpA rose 1 percent as the carmaker buys the rest of the U.S. government’s stake in Chrysler Group LLC.

The benchmark Stoxx Europe 600 Index lost 0.2 percent to 274.24 at 8:05 a.m. in London. European stocks fell to a six- week low yesterday as Moody’s Investors Service raised Greece’s default risk to 50 percent and a report showed U.S. factory orders dropped more than forecast in April. Standard & Poor’s 500 Index futures expiring the same month slipped 0.2 percent, while the MSCI Asia Pacific Index lost 0.4 percent.

To contact the editor responsible for this story: Will Hadfield at whadfield@bloomberg.net


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