European Stocks Flat as Commodity Shares Offset Earnings Jitters

The pan-European STOXX 600 index slipped 0.02% in early trading, with travel & leisure falling the most. However, gains in banking and commodity-linked stocks such as energy and mining helped limit losses.

Brent crude jumped over 1.5% to $83.59 a barrel as an energy crisis gripping major economies showed no sign of easing, while Dalian coking coal scaled a contract high as a recent flooding in China’s top coal-producing Shanxi province intensified supply fears. [O/R] [IRONORE/]

Among stocks, British online fashion retailer ASOS tumbled 14.2% after it warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by more than 40% and said Chief Executive Nick Beighton was stepping down.

German real estate investor Adler Group slipped 1.3% after it agreed to sell residential and commercial property worth 1.49 billion euros ($1.73 billion) to rival LEG Immobilien.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)