Europe midday: Markets flat as Centamin hit by 'sell' note
European shares were still flat at midday on Thursday, with Centamin shares lower after a 'sell' recommendation, while investors eyed US jobs and GDP data later in the day.
The pan-European Stoxx 600 index was barely moving the needle at 445 points as all regional bourses struggled for direction.
“There is a relative dearth of economic data which could push markets in any particular direction in the coming days, although a second estimate of first quarter US GDP later on Thursday could renew focus on inflationary pressures, particularly if the already elevated number is revised upwards," said AJ Bell investment director Russ Mould.
“Metal prices are also creeping higher again. This could put yet more focus on the risks of the global economy overheating but has at least given the UK mining sector a bit of a lift this morning.
Airbus shares surged as it announced plans to increase the production of its popular A320 single-aisle passenger aircraft to 45 per month in the fourth quarter and 64 per month by the second quarter of 2023 as it took an optimistic view of the economic recovery from the Covid pandemic.
The news also boosted aircraft engine makers Rolls-Royce and MTU Aero Engines, along with aerospace engineers Melrose and Meggitt.
Shares in HSBC fell after the bank said it was pulling out of US retail banking by selling some parts of the money-losing business and winding down others to focus on Asia, its biggest market.
Food and beverages group Tate & Lyle fell 5% despite a rise in annual adjusted profits.
German sportswear firm Puma fell after French luxury goods group Kering said it will sell a 5.9% stake in the firm through a share placement.
Centamin shares were the biggest losers after analysts at Liberum started coverage at 'sell', arguing that while its "strong" balance sheet gave it the resources to finance the turnaround of its flagship gold mine at Sukari, the shares were overvalued at present.