Europe midday: Shares higher on strong miners, but mood cautious

European shares were higher at midday on Tuesday, boosted by strong results at Australian miner BHP, although sentiment was again tempered by recessionary fears.

The pan-regional Stoxx 600 index was up 0.26% in early deals with all major Continental bourses higher.

In economic news, official UK data showed a slump in real pay as inflation surged.

Average total pay including bonuses rose 5.1% between April and June, with regular pay excluding bonuses up 4.7%. However, adjusted for inflation, total pay fell 2.5% and regular pay was down by a record 3%.

Meanwhile, job vacancies in the three months to the end of July fell for the first time in two years, dropping by 19,800 to 1.27m. Vacancies remain at historically high levels, but this marked the first quarterly fall since the three months to August 2020.

The unemployment rate held steady in the three months to June at 3.8%.

In equity news, Sonova plunged 15% after the hearing aid maker lowered its full-year earnings forecast, due to slower-than-expected development in some important markets and higher component and freight costs.

Pandora fell after the Danish jewellery maker reported second-quarter sales in line with expectations and reaffirmed its annual forecast, despite disappointing sales in the US and China.

BHP shares were up 4% after a 21% rise in earnings and record dividend payout. The news lifted miners generally, with Anglo American and Glencore also higher.

Reporting by Frank Prenesti at Sharecast.com