European Shares Firm Despite Data That Miss Expectations


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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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

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