UPDATE 2-European stocks subdued by mixed corporate earnings and Brexit

  • Reuters
  • Stock Market News
UPDATE 2-European stocks subdued by mixed corporate earnings and Brexit
Credit: © Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* Just Eat jumps 22% on Prosus bid

* FTSE 100 outperforms as pound weakens

* UK lawmakers vote at 1800 GMT on Brexit bill

(Updates with closing prices)

By Sruthi Shankar and Medha Singh

Oct 22 (Reuters) - Mixed earnings reports kept a lid on European stocks, with London's midcap index suffering from doubts over whether British lawmakers will back the government's Brexit bill on Tuesday.

The pan-European STOXX 600 .STOXX finished up just 0.1%, with a weaker pound helping London's exporter-laden FTSE 100 .FTSE outperform with a 0.7% gain. Others including Germany's DAX .GDAXI and France's CAC 40 .FCHI were marginally higher.

The FTSE 100 was also lifted by a 24% jump in food delivery firm Just Eat JE.L after Dutch internet conglomerate Prosus PRX.AS made an unsolicited $6.3 billion cash bid. British household goods maker Reckitt Benckiser RB.L hit its lowest level in more than seven months after cutting its full-year sales forecast for a second time this year. specialty minerals company Imerys IMTP.PA dropped 13% after cutting its 2019 outlook, while Norway's Aker BP (LON: BP ) AKERBP.OL slipped 0.9% as it slashed its full-year oil output target. expect it to be a weak quarter and have already priced that in because we are seeing a slowdown in the macro outlook," said Aneeka Gupta, associate director of research at WisdomTree.

Last week, the world's biggest yoghurt maker Danone DANO.PA had cut its 2019 sales growth target, while auto maker Renault RENA.PA and truckmaker Volvo VOLVb.ST issued dour profit forecasts amid a broad-based slump in auto sales.

Britain's midcap index .FTMC and Irish stocks .ISEQ , gauges of Brexit sentiment, fell 0.6% and 1.1%, respectively, although they both hovered near one-year highs after British Prime Minister Boris Johnson clinched a last-minute deal with the European Union last week.

Johnson told the parliament on Tuesday that if it delayed his Brexit legislation he would abandon his attempt to ratify the deal and push for an election instead. vote at around 1800 GMT on the 115-page Withdrawal Agreement Bill and then vote on the government's extremely tight timetable for approving the legislation.

Banking stocks were flat on the day, after Swiss bank UBS UBSG.S reported a 16% slide in third-quarter net profit and cut high-paying investment banking staff after a disappointing performance at the division. gained 0.8%, led by gains in Continental CONG.DE after the German engineering group booked 2.5 billion euros ($2.8 billion) in impairments, citing slower automobile production growth, and said it will spin off its powertrain division rather than float it. (Editing by Alexander Smith)

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