Europe Stocks Little Changed as AstraZeneca Gains, Peugeot Falls

Bloomberg (14/12) -- European stocks were little changed, with the Stoxx Europe 600 Index posting a second weekly drop, as investors awaited next week’s Federal Reserve meeting, and as gains in AstraZeneca Plc offset PSA Peugeot Citroen’s slide.AstraZeneca rose to a six-month high after a diabetes pill from the company and Bristol-Myers Squibb Co. won the backing of a U.S. advisory panel. Peugeot slumped the most in five years as General Motors Co. said it is selling its entire stake in the French carmaker. RSA Insurance Group Plc plunged 7.2 percent after its Chief Executive Officer Simon Lee resigned as an investigation into accounting practices at its Irish unit forced the company to increase reserves.The Stoxx 600 fell 0.2 percent to 309.75 at the close of trading. The regional benchmark has retreated 2.1 percent this week as U.S. economic data fueled speculation the Fed could slow the pace of bond buying sooner than forecast.“The debate about the beginning of the Fed tapering at its Dec. 17-18 meeting hangs over markets like the sword of Damocles,” said Martin Schlatter, a fund manager at Swiss Rock Asset Management AG in Zurich, which oversees about $1 billion. “We don’t expect any actions yet. Therefore we believe the current weakness should be a buying opportunity.”About 34 percent of economists surveyed on Dec. 6 by Bloomberg predicted that the U.S. central bank may reduce its $85 billion of monthly bond purchases at its Dec. 17-18 meeting, up from 17 percent in a Nov. 8 poll.