Europe midday: Stocks mixed amid earnings and US non-farm payrolls

European stocks were mixed on Monday, as investors sifted through corporate earnings and the assessed the hangover from the mixed US jobs report from last week.

At midday, the benchmark Stoxx Europe 600 flat at 363.84, Germany’s DAX was 0.45% lower to 11,598.86 and France’s CAC 40 was off 0.14% to 4,818.49.

Meanwhile, West Texas Intermediate was up 0.35% at $54.02 a barrel and Brent crude was 0.17% firmer at $56.91.

On Friday, US non-farm rolls data showed that 227,000 new jobs were created in January ahead of expectations, but hourly earnings and unemployment disappointed.

Banking stocks were trading higher with as investors braced for a potential upheaval of the Dodd-Frank regulations by US President Trump. Standard Chartered was up 1.53%, Barclays rose 0.39% and France’s Natixis increased 0.25%.

Elsewhere, German finance minister Wolfgang Schäeuble criticised the European Central Bank for its weak euro policy over the weekend.

Mike van Dulken, head of research at Accendo Markets, said: “Major equity indices are mixed, as yet undecided as to their direction into the new trading week. Transatlantic politics remains ever dominant while some disappointing China PMI data overnight gives pause for thought and investors continue to digest a mixed US jobs report that likely doesn't push the Fed one way or the other.”

He added that Germany's DAX was underperforming with small losses in spite of the euro/dollar weakness as companies Adidas and Volkswagen weigh.

In corporate news, shares in Volkswagen was down 1.1% after the beleaguered German car maker was sued by its first big German customer over its diesel-test cheating. This weighed on the broader sub-index for autos and parts, which dropped 0.9%.

Italian lender Unicredit fell 3.59% amid a rights issue.

Randgold Resources shone 4.74% after it reported a 76% jump in fourth-quarter profit and hiked its annual dividend.

National Grid nudged 0.73% higher after saying it will spend £35m to buy back up to 3.5m shares to reduce its share capital as part of its management of the dilution resulting from the take-up of its scrip dividend offer for the interim dividend paid in January.

Budget carrier Ryanair flew 2.44% lower as it reported a drop in third-quarter profit and sounded a cautious note on the outlook for 2017, although the company maintained its full-year profit guidance forecast.

On the data front, investors were digesting figures showing German factory orders increased the most in two and a half years in December thanks to a rise in investment-goods demand.

Adjusted for seasonal swings and inflation, orders were up 5.2% from the previous month, when they declined a revised 3.6%. Economists had been expecting a much more modest 0.7% gain. On the year, orders were up 8.1%.

On the economic calendar, ECB president Mario Draghi is to address the European Parliament at 1400 GMT.