European stocks flat as commodity shares offset earnings jitters
European stocks kicked off the week's trading nearly flat on Monday as surging commodity prices supported oil and mining shares, but nerves around inflation and the upcoming earnings season weighed on sentiment. The pan-European STOXX 600 index slipped 0.02% in early trading, with travel & leisure falling the most.
European stocks kicked off the week's trading nearly flat on Monday as surging commodity prices supported oil and mining shares, but nerves around inflation and the upcoming earnings season weighed on sentiment.
The pan-European STOXX 600 index slipped 0.02% in early trading, with travel & leisure falling the most. However, gains in banking and commodity-linked stocks such as energy and mining helped limit losses. Brent crude jumped over 1.5% to $83.59 a barrel as an energy crisis gripping major economies showed no sign of easing, while Dalian coking coal scaled a contract high as recent flooding in China's top coal-producing Shanxi province intensified supply fears.
Among stocks, British online fashion retailer ASOS tumbled 14.2% after it warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by more than 40% and said Chief Executive Nick Beighton was stepping down. German real estate investor Adler Group slipped 1.3% after it agreed to sell residential and commercial property worth 1.49 billion euros ($1.73 billion) to rival LEG Immobilien.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- European
- Dalian
- China
- British
- ASOS
- Shanxi province
- German
- pan-European
ALSO READ
US raises commercial and market access issues with China in meeting
US, Philippines, Japan to tackle South China Sea incidents in trilateral summit, says Manila official
US Treasury Secretary Yellen meets foreign business leaders in China ahead of trade talks
US, Philippines, Japan to tackle South China Sea incidents in trilateral summit, says Manila official
US, Philippines, Japan to tackle South China Sea row in summit