European Shares Flat To Slightly Higher On Positive German Data

(RTTNews) - European stocks were little changed in cautious trade on Tuesday, with prospects of escalation in the Middle East conflict and downbeat quarterly results from the likes of Ericsson and Lonza keeping weighing on sentiment.

Regional markets opened on a subdued note before seeing some recovery after Germany's ZEW economic sentiment index beat expectations - improving to -1.1 from -11.4 in September.

Elsewhere, official data showed the U.K. average earnings growth slowed in three months to August.

Average earnings excluding bonuses grew 7.8 percent in three months to August - coming in line with expectations but slower than the 7.9 percent increase seen in three months to July.

Nonetheless, this was one of the highest annual growth rates since comparable records began in 2001.

The pan European STOXX 600 was marginally higher at 450.30 after rising 0.2 percent on Monday.

The German DAX and France's CAC 40 were little changed with a positive bias while the U.K.'s FTSE 100 was up half a percent.

Swedish telecom equipment maker Ericsson slumped 8.2 percent after reporting a fall in third-quarter revenue.

Lonza plummeted 8.5 percent. The Swiss supplier for pharmaceutical and nutrition companies has warned on a hit to 2024 earnings due to lost revenue from an agreement with Moderna Inc.

Rolls-Royce Holdings rallied 2.3 percent after the British engineering company said it would cut up to 2,500 jobs in a bid to streamline group.

Homebuilder Bellway rose about 1 percent, reversing an early slide after forecasting an over 31 percent slump in annual home-building in the 2024 fiscal year.

Deutsche Post AG shares fell 1.2 percent. DHL Supply Chain, a logistic firm and a division of Germany's Deutsche Post announced today that it is planning to invest 350 million euros in Southeast Asia over the next five years to expand its warehousing capacity, workforce, and sustainability initiatives.

China-exposed LVMH, Kering and Hermes International were down between 0.6 percent and 1.3 percent in Paris ahead of the Chinese GDP growth report for the third quarter of the year due to be released on Wednesday. Chinese reports on retails sales and industrial production are also due.