Europe stocks mixed as investors monitor earnings, ECB; VW shares slide 2.3% – CNBC

LONDON — European stocks were mixed Thursday as investors digested corporate earnings and looked ahead to a rate decision by the European Central Bank.

The pan-European Euro Stoxx 600 was flat in early deals with major bourses and sectors pointing in different directions.

European traders digested a busy morning of earnings, with Shell, Airbus, Stellantis, Total and Volkswagen just some of those reporting before the bell.

Stellantis shares rose 1% despite reporting a 14% slump in third-quarter sales due to the global chip shortage. VW shares were down 2.3% after the automaker cut its deliveries outlook.

Oil giant Shell saw its shares slip 1.7% after missing expectations on profit for the quarter. Meanwhile, shares of online pharmacy Zur Rose Group jumped 7.5% after announcing a collaboration with Roche.

Traders will also monitor a rate decision by the ECB and a subsequent press conference with President Christine Lagarde. The market will look for further clues on when the central bank will look to formally taper its asset purchases.

In Asia, shares were lower in Thursday trade as the Bank of Japan announced its decision to hold steady on monetary policy.

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The big economic news in Europe on Wednesday came out of the U.K., as Finance Minister Rishi Sunak delivered his budget statement in the afternoon.

The half-yearly update on the country’s public finances included multi-billion pound spending on health care and transport, as well as a rise in the national living wage.

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– CNBC’s Eustance Huang contributed to this report.

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