Europe open: Shares flat ahead of PMI data
European stocks were largely flat at the open on Friday as investors turned their attention to manufacturing survey data later in the morning.
The Stoxx 600 index was little changed at 0730 GMT ahead of key eurozone and UK composite PMIs.
Oil prices were under pressure after a raft of disappointing US economic data, prompting recessionary fears in the world’s biggest economy. Brent crude hovered around $77 a barrel.
In economic news, UK retail sales fell by more than expected in March, official data showed on Friday, after the wet weather kept shoppers at home.
According to the Office for National Statistics, retail sales volumes fell by 0.9% in March, following a downwardly-revised increase of 1.1% in February. Most analysts had been looking for a 0.5% decline.
On a quieter day of corporate news there was little to move markets. Glencore said it remained on track to exceed earnings forecasts, despite a dip in first-quarter production, thanks to strong trading profits. Shares in the mining giant were down 1.8%, with the negative sentiment spilling over to rivals Rio Tinto and Anglo American.
Copper production fell 5% to 244,100 tonnes in the three months to March end, due to planned lower grades and delays caused by bad weather. Glencore left its 2023 guidance for copper production unchanged, however, at 1.04m tonnes.
German software firm SAP slipped despite reporting higher revenue and operating profit, ahead of a consensus forecast from the company. It also revised annual profit guidance downward due to a divestment.
Holcim, the Swiss maker of building materials, also posted a rise in revenue and profit but its shares were down 2%.
Reporting by Frank Prenesti for Sharecast.com