Europe open: Shares muted ahead of eurozone data; UK stocks dominate

European shares started Tuesday in muted fashion ahead of Eurozone revised second quarter GDP figures as strong UK corporate earnings offset a weaker broader market.

The pan-European Stoxx 600 was 0.26% down as all markets bar London’s FTSE 100 were in the red at the opening.

At 0830 BST, the FTSE 100 was up 0.4% at 5,959.21, while the pound was down 0.2% against the dollar at 1.3138, having fallen sharply on Monday amid worries about a hard Brexit.

Revised second-quarter gross domestic product growth data for the euro zone are expected mid-morning. A flash estimate had shown the bloc’s economy contracting by 15% between April and June. Final second-quarter employment figures were also expected.

In corporate news, shares in Royal Mail surged to the top of the leader board as the company reported a “substantial shift” in its business from letters to parcels in its first five months, with parcel volumes up 34%, or 177 million more parcels, and revenue up 33.1% year-on-year.

JD Sports Fashion was also a major gainer as it forecast annual pre-tax profits of at least £265m, scrapped its interim dividend and reported a slump in half-year earnings.

Packaging company DS Smith was in the black after saying it will pay an interim dividend as trading has improved.

Builders’ merchant Travis Perkins fell after it swung to a first-half loss as revenue fell due to the coronavirus pandemic.