HM tumbles after missing quarterly profit forecasts
Kering jumps on BofA upgrade
STOXX 600 flat

June 27 Reuters European shares were flat on Thursday as investors avoided large bets ahead of crucial global economic data and the first round of French elections, while HM sank after missing quarterly profit forecasts.

The panEuropean STOXX 600 held steady at 515.11 points as of 0815 GMT, after ending lower in the last two sessions.

Retail stocks slid 1.8 as HM, the world39;s secondbiggest fashion retailer, plunged 12 after missing quarterly earnings forecasts and predicted a drop in June sales.

HM repeats the goal of an operating margin of over 10 for 2024 and beyond. However, management warns that the conditions for achieving the goal this year have become more challenging, said Magnus Raman, an analyst at Kepler Cheuvreux.

Basic resources slipped 0.6, led by a 2 drop in miner Anglo American after Berenberg cut the stock39;s rating to sell from hold, citing concerns over the company39;s new strategic plans.

Healthcare stocks lost 0.4, pulled down by a 4.4 decline in GSK, the biggest loser on the benchmark by percentage, a day after the U.S. CDC narrowed its usage recommendation for all respiratory syncytial virus RSV vaccines and held off on recommending their use for people under 60.

On the bright side, Britain39;s Serco Group jumped 6.8 after the outsourcing company raised its annual profit forecast.

Kering added 5.2 after BofA Global Research upgraded the…