European shares muted, BP leads energy stocks higher

The energy index gained 1.5% and was the top performer among sector indexes, with BP gaining 3.4% after posting a record profit of $27.6 billion in 2022 and boosting its dividend by 10%. Meanwhile, Airbus SE fell 1.6% and led losses among industrial stocks after Berenberg downgraded the aerospace and defence company's stock to "sell".

European shares were subdued on Tuesday as prospects of the global interest rate-hiking cycle lasting for longer continued to sap sentiment, while oil major BP led energy stocks higher.

The pan-European STOXX 600 was flat at 0815 GMT, after logging its steepest single-day fall in three weeks on Monday on rate hike jitters. The energy index gained 1.5% and was the top performer among sector indexes, with BP gaining 3.4% after posting a record profit of $27.6 billion in 2022 and boosting its dividend by 10%.

Meanwhile, Airbus SE fell 1.6% and led losses among industrial stocks after Berenberg downgraded the aerospace and defence company's stock to "sell". Nordic Semiconductor ASA slid 17.5% and was the top decliner on STOXX 600 after missing fourth-quarter earnings estimates, followed by a 15% slump in ams OSRAM after the sensor maker reported weak first-quarter outlook and suspended its 2022 cash dividend.

Siemens Energy fell 1% after its first-quarter net loss more than doubled, while euro zone's largest lender BNP Paribas also dropped 1% after posting a lower-than-expected fourth-quarter net profit. Demant gained 9.1% after the hearing aid maker's operating profits for the second-half of 2022 topped expectations and the company said it expects 2023 organic growth between 3% and 7%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)