EUROPEAN STOCKS ARE LITTLE CHANGED AMID EARNINGS; NOVARTIS FALLS

European stocks were little changed, after a nine-day winning streak, amid mixed earnings reports.

Novartis AG fell 2.2 percent after reporting lower sales, dragging a measure of health-related companies to the worst performance of the 19 industry groups on the Stoxx Europe 600 Index. French distiller Remy Cointreau SA slipped 2.1 percent after postingsales that missed analyst estimates. Norsk Hydro ASA advanced 1.3 percent after second-quarter underlying net income beat estimates.

The Stoxx 600 lost 0.1 percent to 406.37 at 11:50 a.m. in London after rising as much as 0.3 percent and falling 0.3 percent. The volume of shares changing hands on the Stoxx 600 was 24 percent lower than the 30-day average.

“The earnings season is in focus for now and there’s a consolidation after the big rally post Greece -- people are taking profits,” said Konstantin Giantiroglou, head of investment advisory and research at Neue Aargauer Bank AG in Brugg, Switzerland. “Some investors are a bit more cautious today seeing the markets have gone up a lot.”

A nine-day winning streak pushed the Stoxx 600 to within 2 percent of its record as Greece and its creditors reached an agreement paving the way for a new bailout and the European Central Bank increased emergency liquidity assistance. The nation reopened its banks on Monday after a three-week shutdown. The Athens Stock Exchange remains closed.

Zalando SE retreated 4 percent after the German online fashion retailer indicated that second-quarter earnings may have declined because of higher costs. Tele2 AB dropped 4.1 percent after profit fell short of projections.

EasyJet Plc slipped 1.7 percent after Commerzbank AG reiterated its sell recommendation on the carrier, while also downgrading shares of some European peers amid increasing capacity and falling demand.

Stoxx 600 auto companies rose the most among industry groups, with Faurecia SA adding 3 percent after people familiar with the matter said Europe’s biggest maker of car interiors is exploring a sale of its bumpers business.