Europe Stocks Weighed By Downbeat Earnings

European stock markets largely traded lower on Thursday, struggling under the weight of a clutch of downbeat earnings news across a range of sectors and big blue-chip names. The Stoxx Europe 600 index was slightly lower at 250.27, led by energy stocks, with Royal Dutch Shell Group PLC dropping 2.6% after posting a fall in adjusted profit.

Unilever NV was a bright spot, up 3.6% after posting a profit fall, but higher sales.

The FTSE 100 index was flat at 5,494.67. The German DAX 30 index fell 0.5% to 6,375.10, weighed by a 3.4% drop for heavyweight Siemens AG after disappointing earnings and a warning on its outlook. The French CAC 40 index was flat at 3,082.17.

The Spain IBEX 35 index fell 0.3% to 5,985.70, led by a 4.6% drop for Telefonica SA , which late the prior day suspended its dividend and share buybacks for the year as profit fell in earnings released ahead of schedule. Banco Santander SA rose 1%.

The bank said net profit fell 93% as it took a hefty provision to protect against losses on Spanish real estate.

Marketwatch