Europe open: Retail stocks higher as investors look for direction
European stocks started Tuesday almost flat as investors looked for cues while retail stocks received a boost from strong results at H&M.
The pan-European STOXX 600 index .STOXX was down 0.2% with major bourses mixed in morning trade.
H&M reported better-than-expected preliminary third quarter pre-tax profit of SEK2bn it recovered quickly from the coronavirus hit to sales.
Ocado shares were up after the company reported a 52% surge in third quarter revenue as its retail unit joint venture switched to Marks & Spencer from Waitrose. M&S shares were also higher on the news.
Fiat Chrysler shares were up while Peugeot stock fell after the two car manufacturers restructured the terms of their planned merger to save cash with Fiat Chrysler shareholders receiving a smaller dividend.
The two companies, which are set to merge into Stellantis, the world's fourth-largest carmaker, said in a joint statement late on Monday that FCA would cut the cash element of a €5.5bn special dividend to €2.9bn.
Peugeot said it would in turn postpone the planned spinoff of its 46% stake in parts maker Faurecia until after the merger and extend it to all shareholders of the new group. Faurecia shares slumped by more than 7% on the news.
William Hill shares surged after the bookmaker said a multi-year deal between its US partner Caesars Entertainment and broadcaster ESPN will feature its sports betting apps and sports book odds. Flutter Entertainment and GVC were also trading up.