TOKYO: European stocks were little changed from a seven-year high as energy companies slid, while Axa SA advanced.
A measure of oil-and-gas stocks fell the most of the 19 industry groups on the Stoxx Europe 600 Index as oil traded below $50 a barrel before U.S. government data forecast to show crude stockpiles swelled further. Tullow Oil Plc dropped 1.4 percent.
The Stoxx 600 lost less than 0.1 percent to 387.23 at 8:07 in London. The equity gauge rose 0.6 percent on Tuesday, pushing its gains this year to 13 percent, as Greece reached a bailout deal and the Federal Reserve pledged patience on raising interest rates. Greece’s ASE Index soared 9.8 percent, following a market holiday on Monday, as euro-area leaders approved a loan extension for four more months.
Investors will also watch for a U.S. report on new-home sales, which economists forecast will show purchases declined to a 470,000 annualized pace in January. Standard & Poor’s 500 Index futures were little changed.
Among stocks moving on corporate news, Telefonica SA slipped 1 percent after reporting a 36 percent decline in fourth-quarter operating profit as it wrote down the value of its Venezuelan business to account for lower exchange rates.
Axa advanced 4 percent. France’s largest insurer posted a 12 percent jump in full-year profit, buoyed by higher earnings at its life and savings division.
