STOXX 600 flat

Feb 7 Reuters European shares were subdued on Tuesday as prospects of the global interest ratehiking cycle lasting for longer continued to sap sentiment, while oil major BP led energy stocks higher.

The panEuropean STOXX 600 was flat at 0815 GMT, after logging its steepest singleday fall in three weeks on Monday on rate hike jitters.

The energy index gained 1.5 and was the top performer among sector indexes, with BP gaining 3.4 after posting a record profit of 27.6 billion in 2022 and boosting its dividend by 10.

Meanwhile, Airbus SE fell 1.6 and led losses among industrial stocks after Berenberg downgraded the aerospace and defence company39;s stock to sell.

Nordic Semiconductor ASA slid 17.5 and was the top decliner on STOXX 600 after missing fourthquarter earnings estimates, followed by a 15 slump in ams OSRAM after the sensor maker reported weak firstquarter outlook and suspended its 2022 cash dividend.

Siemens Energy fell 1 after its firstquarter net loss more than doubled, while euro zone39;s largest lender BNP Paribas also dropped 1 after posting a lowerthanexpected fourthquarter net profit.

Demant gained 9.1 after the hearing aid maker39;s operating profits for the secondhalf of 2022 topped expectations and the company said it expects 2023 organic growth between 3 and 7.

Reporting by Ankika Biswas in Bengaluru; Editing by Saumyadeb Chakrabarty

Source Reuters