Europe midday: Stocks waver as investors digest mixed corporate news

European stocks wavered on Tuesday as investors mulled over some mixed corporate news.

At midday, the benchmark Stoxx Europe 600 index was flat, Germany’s DAX was 0.2% higher and France’s CAC 40 was 0.1% firmer.

At the same time, oil prices were mixed, having advanced in the previous session on the prospect of Saudi Arabia and Russia agreeing a supply cut. West Texas Intermediate was up 1% at $44.90 a barrel and Brent crude was down 0.7% to $47.30.

Markus Huber, a trader at City of London Markets, said: “Overall there isn't that much news out today especially as the G-20 meeting in China didn't yield any major new developments in regard to global growth or even Brexit. After the US having celebrated Labour Day yesterday trading volume is still likely to remain below average as not all the traders will have returned from their extended weekend break just yet.

“Besides any US data being closed watched for clues about the timing of the next rate hike focus will shift onto the ECB which is due to meet on Thursday.”

On the corporate front, Fresenius gained after the healthcare provider said it will buy Spain’s largest private hospital company, Quironsalud, for $6.42bn.

Berkeley Group racked up healthy gains as the housebuilder and property developer said the market had returned to pre-Brexit levels in August following a hiatus either side of the EU referendum.

Low-cost carrier EasyJet flew higher after saying passenger numbers grew 6.4% in August from the same month last year to 7.51m, while the load factor edged up to 94.9% from 94.4%.

On the downside, Bayer nudged lower after the German chemical company sweetened its bid for US-based Monsanto to $127.50 per share from $125 in July.

Syngenta was a touch weaker after ChemChina said it has extended the offer to buy the Swiss seeds company for $43bn to 8 November.

Dutch financial services company Aegon was also in the red after saying chief financial officer Darryl Button is stepping down from the role.

Shares in French payments processor Ingenico tumbled after it downgraded its sales and profit forecasts for the year.

In macroeconomic news, eurozone gross domestic product growth for the second quarter was confirmed at 0.3%, according to data released by Eurostat.

Seasonally-adjusted GDP was up 0.3% in the bloc compared to the previous quarter and 1.6% from the second quarter of last year. In the first three months of the year, eurozone growth came in at 0.5%.

Figures out earlier from Destatis showed new manufacturing orders in Germany rose less than expected in July. Orders were up 0.2% on the month following a 0.3% decline in June. Economists had been expecting a 0.5% jump.

Still to come, Markit’s US services purchasing managers’ index is at 1445 BST while ISM non-manufacturing is at 1500 BST.