European shares flat, investors sift through earnings deluge

Credit: REUTERS/STAFF

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.

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July 29 (Reuters) - 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 .STOXX slipped 0.1% by 0716 GMT, oil & gas .SXEP and chemical .SX4P leading the declines, while a 1.2% jump in retailers .SXRP helped counter the losses.

German lender Deutsche Bank AG DBKGn.DE rose 1.3%, while Britain's Barclays Plc BARC.L 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.

UK retailer Next NXT.L jumped 8.9% and French luxury group Kering PRTP.PA rose 5.3% after reporting a smaller-than-expected decline in quarterly sales.

Chemicals giant BASF SE BASFn.DE was down 4.2% after saying it still could not provide guidance for full-year sales and earnings due to uncertainty over the economic fallout from the pandemic.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard Orr)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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