European Stocks Little Changed Near 7-Year High Amid Greek Talks

by Sofia Horta E Costa

(Bloomberg) -- European stocks were near a seven-year high, while Greek equities fell as euro-area creditors voiced skepticism that a breakthrough was within reach over the nation’s financing.
The Stoxx Europe 600 Index slipped 0.1 percent to 376.71 at 9:02 a.m. in London after falling as much as 0.3 percent. Greece’s ASE Index lost 3.5 percent after weekend discussions aimed at identifying common ground failed to make sufficient progress, German Finance Minister Wolfgang Schaeuble said in an interview with Deutschlandradio. Europe’s finance ministers are meeting again in Brussels on Monday to discuss financing for the region’s most indebted state.
“Greece is what people are fearing the most, but it’s unlikely that the outcome from this will derail anything,” said Teis Knuthsen, chief investment officer at Saxo Bank A/S’s private-banking unit in Hellerup, Denmark. “There’s a clear upswing in the European economy right now and it needs to be priced in. I would treat any decline as temporary -- you can worry all you like about
market levels but the momentum is still there.”

The Stoxx 600 advanced 1 percent last week, led by Greek banks, as European leaders signaled some willingness to compromise on bailout terms for Greece. The ASE rallied 11 percent last week, closing at a two-month high and helping push Italian and Spanish shares higher.
Germany’s DAX Index ended at a record, surpassing 11,000 for the first time on an intraday basis, as the nation’s economy accelerated twice as fast as analysts had forecast. The DAX slipped 0.2 percent on Monday.

Actelion Forecast

Among shares moving on corporate news, Actelion Ltd. lost 1.1 percent after the Swiss drug developer forecast that annual profit growth will slow and said the strength of the Swiss franc will hurt earnings.
Altice SA rose 4.3 percent and Bouygues SA added 2.9 percent after people familiar with the matter said Patrick Drahi’s company is stepping up plans for a potential takeover of mobile carrier Bouygues Telecom. SABMiller Plc added 2.1 percent after a report that a consortium led by 3G Capital Partners is considering a bid for the brewer.
Conwert Immobilien Invest SE jumped 8 percent after Deutsche Wohnen AG, Germany’s second-largest residential landlord, said it will bid for its Austrian competitor.
The Austrian stock-benchmark gauge opened late because of a technical issue. It’s little changed.