European shares flat, investors sift through earnings deluge
29 Jul 2020
Picture used for illustrative purpose. File
European stocks opened largely flat as investors parsed through a deluge of earnings reports from major lenders like Deutsche Bank and Barclays, while waiting to hear from the U.S. Federal Reserve.
The pan-European STOXX 600 slipped 0.1% by 0716 GMT, oil & gas and chemical leading the declines, while a 1.2% jump in retailers helped counter the losses.
German lender Deutsche Bank AG rose 1.3%, while Britain's Barclays Plc slipped 1.6% as they set aside more funds to protect for potential loan losses as the coronavirus pandemic takes its toll, but both showed improvement at the investment bank.