European shares ended with little change yesterday as losses among commodity stocks more than offset initial gains due to a series of well-received trading updates.
The pan-European STOXX 600 index ended flat, while eurozone stocks added 0.3 per cent as the euro gave up some of its strength against the dollar.
Fashion house Hugo Boss was among the biggest gainers in Europe, up 3.7 per cent, after it reported a rebound in growth at its own stores, a jump in online sales and a recovery in the US.
“This confirms our view that the group’s implemented restructuring and self-help measures are showing gradual operating improvements and this is leading to better momentum,” Baader Helvea analysts said.
Peugeot-brand owner PSA Group rose 1.8 per cent after reporting a 15.4 per cent jump in worldwide sales for 2017.
Deutsche Bank fell after it was accused of rigging a Canadian benchmark rate
Engie also gained, rising 1.2 per cent after the French utility said it hoped to improve earnings growth in its core businesses of renewable energy, grids and energy services this year. Core earnings rose an estimated five per cent in 2017.
British midcap JD Sports Fashion jumped 6.7 per cent after Britain’s largest sportswear retailer by market value forecast annual pre-tax profit ahead of market expectations.
Provident financial fell 12.6 per cent, however, after it said it expected to report a loss of about €135 million ($166 million) at its consumer credit division - the upper end of its guidance.
Elsewhere among financials, Deutsche Bank lost 0.8 per cent after it was accused in a lawsuit of conspiring to rig a Canadian benchmark rate. Deutsche Bank declined to comment on Monday.
Germany’s Continental added 1.1 per cent after sources told Reuters the auto parts maker had hired JP Morgan to advise on a possible breakup.
GKN rose about one per cent as it faced continued pressure from activist fund Elliott to engage with would-be suitor Melrose.
Miners and oil stocks both fell, 1.4 and one per cent, respectively, leading sectoral losers in Europe as metal prices eased on profit-taking and crude prices pulled back from three-year highs.
Milan's FTMIB fell 0.2 per cent after a nine-day winning streak.
Fiat Chrysler Automobiles was at the bottom of the index, down 4.2 per cent after its chief executive said he had no intention of breaking up the company.