Europe open: Shares flat as investors weigh ECB comments, Brexit row

European shares were flat in early Friday trade as investors weighed European Central Bank comments on the euro and the increasing likelihood of a no-deal Brexit.

The pan-European Stoxx 600 was flat with most major bourses slightly lower. London’s FTSE was up on a higher pound and GDP figures showing a slight recovery from the coronavirus pandemic.

EU officials are accelerating preparations for a no-deal Brexit and were set on Friday to brief bloc members on UK plans to break the law and change the divorce treaty.

Investors were also digesting the ECB decision to hold interest rates steady and comments that it was closely watching the euro.

ECB President Christine Lagarde on Thursday said the euro would be “monitored carefully”, surprising many who had expected stronger comments to talk down the currency.

Shares in Telecoms and cable group Altice Europe soared by more than 24% as founder Patrick Drahi offered to buy back the telecom and cable group and take it private. The company's board said it fully supports and recommends the offer.

Drahi, who owns 39.85% of Altice Europe, offered to buy all the company’s shares for 4.11 euros each in cash, representing a premium of 23.8% over their closing price on Sept. 10, the group said in a statement.

Shares in German brakes maker Knorr-Bremse KBX.DE fell almost 8% after majority investor Heinz Hermann Thiele sold 10 million shares in the German brakes maker.