European Stocks Are Stable as Losses in Auto Stocks Erase Gains

European stocks were largely flat on Monday, as car maker losses erased the gains of mining companies, while investors awaited a week full of corporate results and economic data.

The pan-European STOXX 600 index rose 0.02% n early trade, after recording its first weekly loss in eight weeks on Friday.

Carmakers declined, and Volkswagen lost 1.1% after the Financial Times reported that the company had warned managers to expect production would be hit further in the second quarter by a global shortage of chips.

Austrian sensor company AMS fell 4.3% after Credit Suisse downgraded the stock, attributing it to concerns that the company might lose deals to supply products to Apple.