European Shares Stabilize on Strong Earnings And M&A Activity

European shares stabilized, trading slightly below record highs, as strong profits achieved by a group of insurance companies and mergers and acquisitions activities in Britain helped offset the decline in mining companies.

The pan-European Stoxx 600 index settled in morning trading after eight consecutive days of record gains.

British insurer Aviva rose 1.8% after it said it would return at least four billion pounds ($5.5 billion) to shareholders, while Zurich Insurance Group rose 2.2% after the company announced a 60 percent jump in operating profit in the first half.

Dutch insurer Aegon jumped 6.5% after reporting much better-than-expected second-quarter earnings.

Mining stocks fell, as shares of the global mining company Rio Tinto plunged in the United Kingdom by 6.1% due to the trading of the stock with the expiration of the right to a cash dividend.