Europe midday: Stocks little changed after German, UK consumer confidence reports

European stocks were little changed as traders weighed reports on German and UK consumer confidence.

GfK’s forward-looking consumer confidence index for Germany climbed to 9.0 in January from 8.7 in December, exceeding market estimates for a reading of 8.8.

“As 2014 draws to a close, Germany is exiting the rough patch it entered in spring after Russia annexed the Crimean peninsula at gunpoint,” said Christian Schulz, senior economist at Berenberg.

“With the conflict in Ukraine fading from the headlines since September and other risks such as Ebola or Islamic States not having the feared economic impact, businesses and investors are focusing on Germany’s fundamental strengths as well as robust growth in important export markets such as the US, the UK and China."

Schulz added that cheap oil will be a major boost for businesses and consumers in a few months. However, he warned that risks in Russia may still lead to a few more “confidence wobbles” in coming weeks.

Elsewhere in Germany, a report showed producer prices fell 0.9% year-on-year in November, more than the 1.1% drop expected by analysts, following a 1% decrease.

UK consumer sentiment fell to -4 in December from -2 the previous month, GfK revealed separately. Analysts had been anticipating a slight improvement to -1.

Meanwhile, the Bank of Japan painted a bright picture of the economy as it maintained its stimulus, seven weeks after expanding the programme.

China revised up the size of its economy in 2013. Gross domestic product gained 3.4% to an estimated 58.8trn yuan in 2013, the National Bureau of Statistics said, marking a rise of 1.9trn yuan.

Air France, Roche

Air France declined after the airline pushed back delivery of some aircraft in the next two years to contain costs.

Roche Holding AG slumped as the drugmaker announced disappointing results from a clinical trial that combined two of its breast-cancer drugs.

Atos was a higher riser after agreeing to buy Xerox Corp.’s information-technology outsourcing business for $1.05bn.

Brent crude futures rose 1.2% to $60.03 per barrel, according to the ICE.

The euro fell 0.11% to $1.2272.