Mixed Start for European Stocks: Deutsche Post Weighs Down

Flat Opening

European stocks kicked off Wednesday’s trading session with little change, as declines in Deutsche Post offset gains made by companies reporting positive earnings data. The STOXX 600 index hovered around 486.57 points by 0826 GMT.

Upbeat Earnings from TeamViewer

TeamViewer shares surged by 10.9 percent, claiming the top spot on the index, following the announcement of higher-than-expected revenues and profits for the fourth quarter by the German software developer.

Energy Sector Shines

Energy companies took center stage during the session, driven by encouraging earnings reports. Vestas shares rose by 6.3 percent after the Danish wind turbine maker surpassed operating profit expectations for the fourth quarter. However, Equinor shares dipped by 3.7 percent despite recording higher-than-expected quarterly operating profits. The Norwegian oil and gas company announced plans to reduce total payments to shareholders in 2024.

Impact of Deutsche Post Share Sale

Deutsche Post Group’s shares experienced a loss of approximately four percent, exerting downward pressure on the index. The decline came after the German government development bank (KFW) sold 50 million shares in the group for 2.17 billion euros.