Europe midday: Stocks flat as investors digest UK, German, EZ data
European stocks were flat at midday as German investor sentiment improved more than expected and eurozone economic activity rose slightly.
The pan-European Stoxx 600 barely moved the needle at 1210 GMT, with regional bourses mixed. Sentiment was knocked by data showing Chinese retail sales and factory output were by Covid-19 restrictions. Meanwhile, the Japanese economy unexpectedly shrank for the first time in a year in the third quarter.
In a busy day for data releases, Britain's unemployment rate rose to 3.6% in the three months to September.
German investor sentiment improved more than expected in November, according to a survey released on Tuesday by the ZEW Center for European Economic Research in Mannheim.
The headline ZEW investor expectations index rose to -36.7 from -59.2 in October, coming in above consensus expectations for a reading of -50.
Meanwhile, the current situation index improved to -64.5 in November from -72.2 a month earlier, also above expectations, of -68.4.
In other data news, economic activity in the euro area and employment both continued to grow modestly over the three months to September.
According to Eurostat, gross domestic product in the euro area was confirmed at up by 0.2% for the third quarter, as expected by economists. That followed an 0.8% expansion in the second quarter.
In year-on-year terms, GDP expanded by 2.1%, down from the 4.3% clip observed over the three months to June. Employment also increased by 0.2% during the third quarter, Eurostat added.
In equity news, shares in Vodafone fell as the telecoms giant said it expected annual earnings to be at the lower end of guidance.
BAE Systems gained as it tipped forecast more growth in 2023 on elevated geopolitical tensions.
Danish medical equipment maker Ambu fell 16.5% as fourth quarter results and a cautious outlook disappointed investors.
Reporting by Frank Prenesti for Sharecast.com