Europe midday: Shares tread water as Philips, Uniper surge

European stocks were mixed at midday as investors fretted about an uncertain economic outlook with the continent's benchmark index held up by a sharp rise in Philips stock on the back of firmer first quarter sales.

The pan-European Stoxx 600 index was up 0.04% with major bourses lower as oil stocks fell on the back of weaker crude prices.

In economic news, German business sentiment improved slightly in April, according to a survey released on Monday by the Ifo Institute.

The business climate index rose to 93.6 from 93.2 in March, although this was a touch weaker than expectations for a reading of 94.0.

Meanwhile, the expectations index ticked up to 92.2 in April from 91.0 the month before, and the current situation index printed at 95.0, down from 95.4.

On the equities front, Dutch health tech firm Philips traded 14% higher, as it reported firmer sales, but a widening net loss due to its restructuring and a litigation provision.

Credit Suisse reported earnings for what may be the last time in its 167-year history after its emergency sale to UBS. The Swiss lender revealed it suffered net asset outflows of 61.2bn Swiss francs ($68.6bn) during its first-quarter collapse.

German energy company Uniper also surged, with shares up 14%.

"A forecast deterioration in the health of the global economy is weighing on minds, pushing equities lower as investors mull the impact of further punishing rate hikes," said Hargreaves Lansdown analyst Susannah Streeter.

"Oil prices have slid further back, largely erasing gains made since OPEC+ announced production cuts, with Brent crude dipping closer to $80 a barrel. The FTSE 100 has opened lower, with BP and Shell and miner Anglo American and Antofagasta among the fallers, as investors assess the prospect that demand for energy and metals will wane if economies contract."

Reporting by Frank Prenesti for Sharecast.com