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| European shares steady, Maersk rises |
European shares steadied after setting a fresh seven-week high on Friday, with weaker miners offsetting gains in companies such as AP Moller-Maersk, which rose sharply following its earnings update.
Shares in Maersk surged 5.0 per cent, the top gainer in the pan-European STOXX 600 index, after the Danish shipping and oil giant stuck to its 2016 forecast despite a sharp fall in quarterly net profit.
The second-quarter reporting season is entering into its final stages. So far, 88 per cent companies in the STOXX 600 index have reported results, of which 61 per cent have met or beaten earnings per share (EPS) forecasts.
However, the second-quarter earnings are set to fall about 8.0 per cent from last year.
The STOXX Europe Basic Resources index dropped 0.7 per cent, the worst sectoral performer, hit by a 0.5 to 2.0 per cent fall in shares of Rio Tinto, Anglo American and BHP Billiton.
Across Europe, Germany's DAX was down 0.3 per cent, dragged down by companies such as insurer Talanx. Its shares fell 4.4 per cent, the top decliner in the FTSEurofirst 300 index.
The German stock market ignored data showing the country's economic growth slowed less than expected in the second quarter as higher exports and strong state spending and private consumption compensated for weaker investment in construction and machinery, according to a news agency report.
-SRS-
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