Bloomberg (14/01) -- European stocks erased their decline in the final half an hour of trading as RWE AG rallied, leading utility shares higher.
 RWE
jumped 5 percent after a German federal court ruled in its favor.
Celesio AG slid 4.4 percent after McKesson Corp. said it failed to gain
support from enough of the drug wholesaler’s shareholders to complete an
acquisition. Jeronimo Martins SGPS SA declined 2.8 percent after the
Portuguese retailer said sales growth slowed in Poland, its largest
market.
The
Stoxx Europe 600 Index added 0.2 percent to 331.23 at the close of
trading in London. The gauge declined as much as 1 percent today as
investors weighed equity valuations after closing yesterday at its
highest level since May 2008. The European equity benchmark traded at
13.9 times its members’ projected earnings at yesterday’s close. The
index ended 2013 at its highest valuation since the end of 2009.
Earnings
for the index probably fell 5 percent last year, according to analyst
estimates compiled by Bloomberg. They may rebound in 2014, climbing 14
percent.
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