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BLBG : European Stock Futures Are Little Changed; Asian Shares Advance
 
stock-index futures were little changed and Asian shares advanced amid speculation the Group of 20 nations will maintain measures to support the economy even as signs grow that a recovery is accelerating. U.S. futures fluctuated.

BHP Billiton Ltd., the world’s biggest mining company, climbed in Sydney. Air France-KLM Group may be active after Les Echos said Europe’s largest airline expects to reach a breakeven point at the start of the 2010-2011 financial year.

Futures on the Dow Jones Euro Stoxx 50 Index, a benchmark for the euro region, were unchanged at 2,869 as of 7:20 a.m. in London. The U.K.’s FTSE 100 Index may increase 18, according to Cantor Index, a betting firm.

The MSCI Asia Pacific excluding Japan Index rose 0.4 percent as New Zealand unexpectedly emerged from a recession. The country’s economy grew for the first time in six quarters, with gross domestic product increasing 0.1 percent in the three months to June 30, a government report today showed.

International Monetary Fund Managing Director Dominique Strauss-Kahn in an interview called on leaders from the G-20 to maintain efforts to pull the world economy out of its first recession since World War II, warning the crisis isn’t over.

The G-20 leaders will meet in Pittsburgh for two days starting tomorrow to work on an accord to prevent a repeat of the worst financial crisis since the Great Depression and ensure a sustained recovery.

G-20, Fed

Equities have surged since March as the G-20 committed about $12 trillion to revive growth and the Federal Reserve kept overnight borrowing costs near zero to unlock credit markets. The advance has pushed the valuation of Europe’s Dow Jones Stoxx 600 Index to 47.4 times profit, the most expensive level since 2003, according to weekly data compiled by Bloomberg.

Fed officials may signal today that the U.S. economy has started to recover while maintaining their pledge to keep the benchmark interest rate near a record low for an “extended period.” Officials will probably debate their purchases of $1.45 trillion in housing debt, including whether to extend the emergency program into 2010, analysts said.

The Federal Open Market Committee is scheduled to issue its statement at around 2:15 p.m. Washington time after the end of its two-day meeting.

Standard & Poor’s 500 Index futures were little changed today after the benchmark index for U.S. equities closed yesterday at its highest level since October.

The S&P 500 has climbed 58 percent and Europe’s Stoxx 600 has soared 55 percent since March 9 as earnings at companies from Goldman Sachs Group Inc. to GlaxoSmithKline Plc surpassed projections and the German and French economies unexpectedly exited recessions.

BHP, Air France

BHP advanced 0.9 percent to A$38.35 in Australia, while Rio Tinto Group, the world’s third-largest mining company, climbed 2.3 percent to A$61.74.

Air France may be active. The carrier expects to reach its breakeven point at the start of the 2010-11 financial year, Chief Executive Officer Pierre-Henri Gourgeon told daily Les Echos in an interview. The CEO said he couldn’t predict when the company will achieve profitability.

Alcatel-Lucent SA, the world’s biggest supplier of fixed- line phone networks, indicated to analysts that it may report higher-than-estimated operating profit for the third quarter, Wansquare reported on its Internet site.

JCDecaux SA may move. The world’s second-largest outdoor advertising company had its long- and short-term corporate credit ratings cut one level by Standard & Poor’s, which cited a lack of improvement in trading conditions.

Barratt Developments Plc may be active. The biggest U.K. homebuilder by volume said it plans to raise 720.5 million pounds ($1.18 billion) in a rights issue and reported a pretax loss of 678.9 million pounds for the 2009 fiscal year.

Redrow Plc, the U.K. homebuilder that saw founder Steve Morgan rejoin management in March, said it plans to raise about 150 million pounds in a rights offer.
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