European shares flat as weakness in autos negate mining gains

  • Reuters
  • Stock Market News
European shares flat as weakness in autos negate mining gains
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April 26 (Reuters) - European stocks were largely flat on Monday as losses in automakers countered gains in miners, while investors braced for a busy week of corporate earnings and economic data.

The pan-European STOXX 600 index .STOXX inched up 0.02% in early trading after it recorded its first weekly loss in eight on Friday.

A 10-year high for Shanghai copper prices and a surge in other metals boosted shares of European miners, with the basic resources index .SXPP climbing 0.5% to lead sectoral gains. MET/L

Auto stocks took a hit, with Volkswagen AG VOWG_p.DE slipping 1.1% after the Financial Times reported the company had warned managers to prepare for a bigger production hit in the second quarter due to a global chip shortage. sensor maker AMS AMS.S fell 4.3% after Credit Suisse (SIX: CSGN ) double downgraded its stock to "underperform", citing concerns around the company potentially losing product supply deals at Apple AAPL.O .

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