European shares flat as Deutsche Post's slide offsets earnings bump

European shares were flat at open on Wednesday as the gains in companies with upbeat earnings reports were offset by a slide in Deutsche Post. The pan-European STOXX 600 index was unchanged at 486.57 points as of 0826 GMT. Weighing on the index, Deutsche Post lost 4% after Germany's state-owned KfW bank sold 50 million shares in the group for 2.17 billion euros.

European shares were flat at open on Wednesday as the gains in companies with upbeat earnings reports were offset by a slide in Deutsche Post.

The pan-European STOXX 600 index was unchanged at 486.57 points as of 0826 GMT. TeamViewer's shares jumped 10.9% to the top of the benchmark index after the German software developer reported higher-than-expected fourth-quarter revenue and earnings.

Energy companies were at the forefront of an earnings-heavy session, with shares of Vestas rising 6.3% after the Danish wind turbine maker beat fourth-quarter operating earnings forecasts. On the flip side, Equinor shed 3.7% after the Norwegian oil and gas producer posted higher-than-expected operating profit for the quarter, but said it would cut its overall payments to shareholders in 2024.

The oil and gas sector, however, gained 0.2%. Weighing on the index, Deutsche Post lost 4% after Germany's state-owned KfW bank sold 50 million shares in the group for 2.17 billion euros.

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