Oct 26 (Reuters) – European shares were subdued in early trading on Monday as investors digested a slate of corporate earnings amid upheaval in France, while oil prices dipped on hopes of de-escalation in the Middle East conflict. The pan-European STOXX 600 index (.STOXX), was flat at 636.26 points by 0809 GMT, after logging its steepest weekly loss since early September on Friday. Oil prices fell after surging to near six-month highs last week, as hopes grew for a de-escalation in tensions between the United States and Iran. Top officials from Mecca Pact countries Saudi Arabia, Turkey and Pakistan are also set to meet Iran’s leaders in Tehran on Monday.The broader energy sector (.SXEP), was down 0.7%.
Travel stocks (.SXTP), were a bright spot, up roughly 1%, helped by lower oil prices.
On the earnings front, Portugal’s Galp Energia (GALP.LS), reported a 68% rise in third-quarter adjusted net profit on Monday, beating expectations. Shares of the company were down 8.5%
Shares of technology services provider Computacenter (CCC.L), gained 6.8% after the company raised its annual profit guidance.
Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Rashmi Aich
