Europe open: Stocks waver as investors await fresh catalysts

European stocks wavered in quiet trade as investors awaited fresh catalysts.

At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.1%, France’s CAC 40 was flat and Germany’s DAX was 0.1% higher.

“Markets have opened flat this morning as weak GDP data from China continues to weigh on sentiment,” said Andy McLevey, head of dealing at Interactive Investor.

“Investors already have one eye on the ECB meeting on Thursday with hopes of further economic stimulus to come as commodity prices remain under pressure and concerns remain around the growth prospects of the global economy.”

On the corporate front, Swedish phone carrier TeliaSonera gained after downgrading its full-year earnings forecasts and reporting a drop in profit, as the results weren’t as bad as feared.

Swiss biotechnology company Actelion rallied after it lifted its full-year earnings forecast and posted better-than-expected sales of its new drug to treat pulmonary arterial hypertension.

Whitbread was on the front foot after it showered its shareholders with an extra-large interim dividend as chief executive Andy Harrison oversaw his last set of results for the Premier Inns and Costa Coffee owner, serving up first-half numbers broadly in line with expectations.

InterContinental Hotels rose after posting a rise in third-quarter revenue per available room thanks to encouraging trading trends, and expressing confidence in the outlook.

On the downside, German car maker Volkswagen slipped into the red following reports it may face a fine of as much as €600m in Spain and executives in the country may get a jail term.

The third-quarter Eurozone bank lending survey is at 1200 BST, while US housing starts are at 1330 BST.

Societe Generale expects the lending survey to show buoyant mortgage demand in September, while firms likely had less of an appetite for additional loans.

On housing starts, it said: “Buoyed by unusually warm and arid conditions across the continental US during the reference period, the number of new housing units started likely climbed to a three-month high seasonally adjusted annual rate of 1.165m in September.”

Investors will also eye comments from Federal Reserve chairwoman Janet Yellen, who is due deliver brief opening remarks at an induction ceremony.

Markets will also hear from New York Federal Reserve president William Dudley and FOMC governor Jerome Powell later on Tuesday.