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BLBG: Europe Stocks Are Little Changed as Ministers to Meet on Greece
 
(Bloomberg) -- European stocks traded at a seven-year high as Greek Finance Minister Yanis Varoufakis returns to Brussels to meet his euro-area counterparts seeking an agreement that will let Europe’s most-indebted country avoid default.
The Stoxx Europe 600 Index added 0.1 percent to 381.77 at 10:52 a.m. in London, heading for a 1.3 percent weekly gain. The gauge is up for a third week, its longest streak since the beginning of December. Greece’s ASE Index climbed 0.6 percent today -- the best performance of 18 western-European markets.
The Stoxx 600 has surged 12 percent this year, even as volatility has increased after Greece elected a new government that is now renegotiating the terms of its aid package. The VStoxx Index, which tracks expectations for equity swings, has had a daily average of about 25.4 in 2015. That’s 40 percent greater than in 2014.
“Markets expect a solution which keeps Greece in the euro zone, but for the moment all news will increase volatility due to uncertainty,” said Guillermo Hernandez Sampere, who helps manage about 150 million euros ($170 million) at MPPM EK in Eppstein, Germany. “We will have another day with a lot of noise, which always has short-term effects on markets.”
Varoufakis said on Thursday that he would accept the financial and procedural conditions of the existing bailout deal, while asking for negotiations on other elements. German Finance Minister Wolfgang Schaeuble almost immediately rebuffed the proposal. Later, optimism returned after a “positive” conversation between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel.
Danone Drops
Among equities moving on corporate news, Danone fell 1.2 percent. The world’s biggest yogurt maker set a lower sales forecast for 2015 than last year’s amid deflationary pressure in Europe and weakening currencies in emerging markets.
Gemalto NV slid 7.2 percent, for the biggest decline on the Stoxx 600. The largest maker of mobile-phone cards said it’s investigating a report that U.S. and U.K. spies allegedly hacked into its computer network to steal the keys used to encrypt conversations, messages and data traffic.
Standard Life Plc climbed 3.2 percent after reporting better-than-expected full-year profit.
Gauge of energy stocks and commodity producers posted the biggest gains of the 19 industry groups on the Stoxx 600, as oil trimmed its first weekly decline in a month. Tullow Oil Plc and Premier Oil Plc rose at least 2.8 percent, while Glencore Plc added 1.9 percent. Real estate companies fell the most.
Euro-area manufacturing and services strengthened this month, with Markit Economics’ composite purchasing managers’ index for both sectors rising to 53.5 from 52.6 in January. That beat the median forecast of economists for a reading of 53 and is the highest in seven months.
To contact the reporters on this story: Alan Soughley in Frankfurt at asoughley@bloomberg.net; Roxana Zega in Zurich at rzega@bloomberg.net
To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Alan Soughley
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