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Wednesday, 1 August 2012
European Stocks Little Changed After Bundesbank Comments
By Jonathan Morgan - Aug 1, 2012 12:49 PM GMT+0400
European stocks were little changed, paring earlier gains as Bundesbank President Jens Weidmann said the European Central Bank shouldn’t exceed its mandate and a report showed U.K. manufacturing shrank. U.S. index futures fluctuated, while Asian shares retreated.
Visitors pass through the main entrance of the London Stock Exchange Group Plc's headquarters as the company holds its first ever charity trading day in London. Photographer: Jason Alden/Bloomberg
Futures on the Standard & Poor’s 500 Index advanced 0.2 percent today, while the MSCI Asia Pacific Index declined 0.3 percent. Markets in Switzerland are closed for a holiday.
The ECB’s independence “requires it to respect and not overstep its own mandate,” Weidmann said in an article published on the Bundesbank’s website today. “We are the largest and most important central bank in the Eurosystem and we have a greater say than many other central banks.”