European stocks were little changed as traders valued earnings reports and assessed the previous session’s biggest surge since the U.S. election in November.
The Stoxx Europe 600 Index added less than 0.1%, following a rally led by banks and miners as rising bets for a Federal Reserve interest-rate increase gave optimism about global growth.
* Fed Governor Lael Brainard said it will probably be “appropriate soon to remove additional accommodation,” boosting expectations for higher borrowing costs. Traders are pricing in an 86 percent chance of a rate increase at the March 15 decision, more than double the odds last Friday.
* Miners, banks and construction companies, which are among shares deemed most sensitive to economic growth, in continuation of a trend that began after the U.S. election.
* The biggest contributor to gains on the Stoxx 600 was Roche Holding AG, up 5.8 percent after its breast cancer medicine Perjeta succeeded in the company’s most anticipated patient study, a good step for a franchise that could exceed $9 billion.
* Among shares active on corporate results, Travis Perkins Plc fell 6.6 percent after the building-materials distributor said the post-Brexit slump in sterling is pressuring its supply chain. Melrose Industries Plc gained 13 percent after posting a jump in 2016 underlying profit.
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