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European stocks flat as commodity shares offset earnings jitters By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – The graph of the German share price index DAX is pictured at Frankfurt Stock Exchange, Germany on October 8, 2021. REUTERS/Staff

(Reuters). European stocks started the week nearly flat. Rising commodity prices supported oil shares and mining shares. But, nerves about inflation and the upcoming earnings season weighed down sentiment.

The pan-European index slipped 0.02% in early trading, with travel & leisure falling the most. However, losses were limited by gains in commodity-linked stocks and banking such as energy or mining.

As the energy crisis gripping large economies continued to rage, oil prices rose more than 1.5% to $83.59 per barrel. Meanwhile, Dalian’s coking coal reached a record high after a flood in China’s Shanxi province created supply worries. [O/R] [IRONORE/]

ASOS (LON) fell 14.2% among stocks after warning that rising logistics costs and disruptions in supply chains could cause 2022 profit to plummet by over 40%. It also announced that Chief Executive Nick Beighton would be stepping down.

German real estate investor Adler Group lost 1.3% when it sold residential and commercial properties worth 1.49 Billion Euros to LEG Immobilien.

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