European markets mixed as investors await US inflation data; E.ON shares up 5%

European markets mixed as investors await US inflation data; E.ON shares up 5%


The pan-European Stoxx 600 was little changed from the previous session during early morning deals, with sectors and major bourses pointing in opposite directions.

Insurance stocks led the losses on Tuesday, down around 0.3 percent amid earnings news. Hannover Rueck was the worst performing stock in the sector after it posted detailed full-year results shortly before the opening bell. Shares of the German reinsurer were down nearly 3 percent.

Meanwhile, Europe’s utilities companies were trading almost 0.5 percent higher amid takeover news. E.ON surged to the top of the European benchmark after the company said it would submit a 5.2 billion euro ($6.4 billion) voluntary takeover offer for minority shareholders in Innogy during the second quarter of 2018. Its shares were around 4.5 percent higher.

Earlier this week, E.ON and RWE announced a far-reaching deal to effectively break-up RWE’s energy networks and retail arm, Innogy, and divide its assets between them.

Looking at individual stocks, France’s Iliad slumped to the bottom of the index shortly after the company reported higher annual sales and profits during 2017. The telecoms group also said the firm was in the last phase of preparing its Italy launch before the summer, Reuters reported. Its shares were more than 6 percent lower.



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