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European shares muted ahead of busy earnings week

Agencies . London
25 Apr 2023 00:00:00 | Update: 25 Apr 2023 00:56:23
European shares muted ahead of busy earnings week

European shares were subdued on Monday as investors await more economic data this week and earnings from some of the highest-valued U.S. companies, along with major European banks and consumer companies.

The pan-European STOXX 600 index (.STOXX) was flat as of 0825 GMT, with oil and gas shares (.SXEP) falling the most by 0.5%, tracking oil prices, while financial services (.SXFP) added 0.7%.

Healthcare shares (.SXDP) rose 0.3%, led by Philips NV (PHG.AS), which jumped 12.3% after the Dutch health technology group posted better-than-expected first-quarter results, reported Reuters.

Investors will closely monitor results of some of the biggest US companies including Microsoft Corp (MSFT.O), Google par-ent Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O) this week.

Back home, big banks Barclays Plc (BARC.L), Santander (SAN.MC), Deutsche Bank AG (DBKGn.DE), UBS Group AG (UBSG.S), and consumer companies like Nestle SA (NESN.S), Reckitt (RKT.L) and Unilever Plc (ULVR.L) report results this week.

“On one hand, there are worries about recessions, dip in consumer spending and higher interest rates sucking growth out of the economy. On the other, you’ve got a more resilient economy than people expected,” said James Baxter, founder of Tideway Wealth.