Global Markets | European shares remain steady as investors take stock of mixed earnings updates

Europe’s benchmark stock index was subdued on Tuesday as BP shares fell after the energy giant suspended share buybacks, while gains in luxury stocks after a better-than-expected earnings update from Kering limited declines.The pan-European STOXX 600 index was flat at 621.28 points at 0815 GMT, just a hair away from an all-time intra-day high.

BP fell 4% after the British company posted a quarterly profit in line with analyst expectations and suspended its share buyback program as it wrote down about $4 billion in its renewable energy and biogas businesses. The broader energy sector fell 1.1%.

On the other hand, luxury stocks rose 1.2%, led by a 13.5% jump in France’s Kering, as investors were relieved it reported a slightly smaller-than-expected fall in fourth-quarter sales as new CEO Luca de Meo struggles to stabilize the Gucci owner.

Investors were also cautious ahead of a slew of US economic data this week, including crucial inflation and jobs reports.

Among others, TUI, Europe’s largest travel operator by market share, reported first-quarter operating profit that exceeded expectations, although concerns about weaker bookings sent shares down 2.8%.

Sweden’s Thule gained 12.7% after the recreational equipment manufacturer exceeded quarterly revenue expectations, helped by acquisitions.