Europe open: Stocks waver as oil slips, investors sift through earnings

European stocks wavered in early trade as oil prices declined and investors sifted through more earnings.

At 0915 BST, the benchmark Stoxx Europe 600 index was down 0.1%, Germany’s DAX was up 0.2% and France’s CAC 40 was flat.

At the same time, oil prices slid after data from the US Energy Information Administration on Wednesday showed a build in crude inventories and following record Saudi Arabian production. West Texas Intermediate was down 1.1% to $41.25 a barrel and Brent crude was off 0.8% at $43.69. The Stoxx 600 sub-index for oil and gas fell 1%.

In corporate news, Zurich Insurance and Belgium’s KBC racked up strong gains after they posted better-than-expected second-quarter results.

Henkel pushed higher after the German consumer products company said second-quarter profit increased 8%.

Thyssenkrupp was on the back foot after it reported a 34% drop in third-quarter profit, while German utility RWE also lost ground after it said earnings in the first half of the year tumbled.

Tui Group pushed higher after it said revenues shrank in the third quarter but the travel group was still confident of hitting its full year targets.

Soft drink bottler Coca-Cola HBC rallied after saying first-half net sales revenue grew 2.4%, but Legal & General Group edged down after agreeing the sale of its Cofunds investment platform to Aegon for £140m.

Miner and commodity trader Glencore nudged a touch lower after it reported a drop in production in the first half – with the exception of nickel and agricultural products – and lifted its full-year copper guidance.

Old Mutual was under pressure as its first-half results fell short of expectations.

Poundland was in the red after Steinhoff International improved the terms of its offer for the discount retailer, offering 227p in cash per share, made up of 225p and a 2p dividend.

There are no major eurozone data releases due but in the US, initial jobless claims are at 1330 BST.