UPDATE 2-Oil drop hits European stocks, Deutsche Bank offsets losses

  • Reuters
  • Stock Market News
UPDATE 2-Oil drop hits European stocks, Deutsche Bank offsets losses
Credit: © Reuters.

* STOXX 600 down 0.3 pct

* Oil drop hits energy stocks, poor Chinese data hits miners

* Deutsche Bank rallies after results

* Indivior soars as court blocks sale of rival drug

* Kone rises on report of elevator merger talks with Thyssen (Adds details, closing prices)

By Helen Reid and Danilo Masoni

LONDON/MILAN, July 16 (Reuters) - European shares fell on Monday, led lower by commodity stocks as an upbeat update from Deutsche Bank and expectations of a strong earnings season kept a lid on losses.

The pan-European STOXX 600 index .STOXX fell 0.3 percent, with the energy sector the biggest drag as crude prices fell sharply as concerns about supply disruptions eased. resources .SXPP and autos .SXAP were also lower as data from key commodity consumer China showed economic growth slowed in the second quarter amid growing worries over a trade war with Washington.

On the plus side, second-quarter earnings for the STOXX 600 are expected to grow 8.1 percent year-on-year, an improvement on the first quarter.

"Earnings results will likely be strong," wrote JP Morgan strategist Mislav Matejka in a note.

"...The guidances are the unknown, but we note that trade headlines might be losing some of the shock value as many investors now expect further bad news on this front."

Results drove some of Europe's biggest movers.

Deutsche Bank DBKGn.DE shares jumped 7.3 percent to a six-week high after the German lender reported preliminary second-quarter results above consensus with a better-than-expected capital buffer. over the bank's solvency have cratered its shares, down 36 percent year-to-date. Its gains on Monday helped lift the banking sector index .SX7P 0.3 percent.

In other earnings-driven moves, fish farmer Marine Harvest MHG.OL fell 1.1 percent after it reported lower second-quarter earnings and harvest volumes below its guidance. Indivior INDV.L surged 16.9 percent after a U.S. court blocked India's Dr. Reddy's Laboratories REDY.NS from selling generic versions of its bestselling opioid addiction treatment in the United States. KNEBV.HE rose 1.3 percent after a report that the Finnish elevator firm and Germany's Thyssenkrupp had held merger talks. Thyssenkrupp TKAG.DE was down 0.1 percent. technology consultancy firm Altran ALTT.PA edged up 0.6 percent after Friday's 30 percent plunge on the discovery of forged orders at its recently acquired U.S. business Aricent. earnings growth europe versus us



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