European Stocks Open Steady as Miners Slump, Automakers Advance
(Bloomberg) -- European equities opened little changed as mining shares paced the declines on falling iron ore prices while autos, energy and banks gained ground.
The Stoxx Europe 600 Index was down 0.1 percent. Rio Tinto fell 3 percent as iron ore tumbled after Brazil’s Vale said it will restart operations at a major mine in the next 72 hours. BHP Group retreated 3.5 percent after trimming annual production guidance. ABB jumped 4.4 percent after replacing Chief Executive Officer Ulrich Spiesshofer.
Investors are carefully watching first-quarter earnings results for insight on the health of the global economy. Chinese growth unexpectedly held up in the first three months as policy makers boosted stimulus measures, easing concerns about a flagging global economy. European equities are continuing their 2019 rally with a gain in April amid optimism about economic growth and a possible U.S.-China trade deal.
“The focus will be on the reporting season and macro data stabilization,” said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg in Frankfurt. “Market participants are counting on the recent stabilization of the Chinese economy and an improvement in the European economy."
©2019 Bloomberg L.P.