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Stocks in Europe Erase Earlier Advances as Utilities, Automakers Retreat
2012-01-23 17:32:10

The benchmark Stoxx Europe 600 Index slipped less than 0.1 percent to 255.74 at 9:06 a.m. in London, having earlier gained as much as 0.4 percent. The gauge has still advanced 4.6 percent in 2012 as reports around the world added to optimism that the economy is strengthening.

Standard & Poor’s 500 Index futures slid 0.4 percent today, while the MSCI Asia Pacific Index added 0.1 percent.

Bondholders negotiating the Greek debt swap said they made their “maximum” offer, leaving it to the European Union and International Monetary Fund to decide whether to accept the deal, said Charles Dallara, who’s representing private creditors in the talks.

European equity valuations have fallen to the lowest levels since 2004 compared with the U.S., as economic forecasts between the two regions diverge by the most since 1998. The Stoxx 600 trades at 1.43 times book value, or assets minus liabilities, after falling 11 percent last year. The S&P 500 Index trades at 2.14, according to data compiled by Bloomberg.

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net 

http://www.bloomberg.com/news/2012-01-23/european-stock-futures-fluctuate-as-greek-debt-talks-enter-a-second-week.html





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