Europe open: Shares mixed despite US infrastructure bill optimism

The pan-European STOXX 600 was flat with major regional bourses hovering near the flatline. Britain’s FTSE 100 outperformed with a 0.16% rise.

German stocks were flat even as a report showed consumer sentiment improved more than expected heading into July.

“The $1.2trn infrastructure deal approved by the president will provide a boost to roads, bridges, broadband, passenger and freight services,” said Interactive Investor analyst Richard Hunter.

“Quite apart from the further injection into revitalising the economy, the amount is less than the $3trn which had been sought by the President, thus having lower tax implications than had been thought to pay for it.”

However, Hunter noted that signs of inflation are emerging in the housing market as some raw materials were temporarily in short supply.

Investors were also eyeing the release of US inflation data for May at 1330 BST.

In equity markets, JD Sports, Adidas and Puma shares were all higher following well-received fourth-quarter results from Nike in the US.

Irish building materials group CRH and equipment rental firm Ashtead, both of which do business in the US, rallied on news of the infrastructure deal.

Credit Suisse rose after a report it was considering a potential merger with UBS.

British subprime lender Amigo surged 12.1% after saying it had secured a three-month extension to a funding line as it scrambles to secure its future after a court rejected a rescue plan for the firm last month.