European Shares Firm Despite Data That Miss Expectations

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European stocks edged up despite some lackluster data.

German business confidence rose for a fifth straight month in September, but missed analysts' expectations. The Ifo business-climate index rose to 107.7 from a revised figure of 107.6 in August, slightly below expectations for 108.

In the United States, consumer confidence and regional manufacturing reports also missed expectations. Conference Board's consumer-confidence index slipped to 79.7 this month from a revised 81.8 in August. The median forecast of economists surveyed by Bloomberg had called for a reading of 79.9.

The Richmond Fed's manufacturing index dropped to 0 from 14 last month. Economists in a Bloomberg survey had predicted the gauge would decline to 12.

In ADR news, Total SA ( TOT ) was lifted to equal weight from underweight at Barclays, which cited capex control.

Telefonica SA ( TEF ) agreed to pay 324 million euros ($438 million) to increase its stake in Telco SpA, a holding company that owns 22.4% of Telecom Italia ( TI ), to 66% from 46%.

Nokia ( NOK ) is just lower after a U.S. judge found that HTC Corp. violated two of its patents.

Carnival Corporation ( CCL ) forecast Q4 earnings below analyst estimates. CCL is projecting net income during the current quarter of $0.03 either side

of $0.00 per share, well under the Capital IQ consensus expecting a $0.09 per

share profit. The weak guidance overshadowed positive Q3 results, which included the company reporting earnings of $1.38 per share, ex one-time items, topping analyst estimates by $0.06 per share. Revenue of $4.73 billion was roughly in-line with the Street view.

The FTSE-100 was last up 0.21% at 6,571.46, the DAX up 0.34% at 8,664.60 and the CAC-40 up 0.56% at 4,195.61.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: CCL , NOK , TEF , TI , TOT

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