Europe open: Shares open in muted mood; Philips bucks trend

European stocks started the week in subdued mood, with markets flat at the open, 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 0.02% in early deals with major bourses lower as oil stocks fell on the back of weaker crude prices.

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.

"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