UK financials cap European shares, offset chemicals boost

martes 6 de mayo de 2014 06:30 GYT

* FTSEurofirst 300, Euro STOXX 50 both flat

* Barclays, Aberdeen weigh after weak updates

* DSM, Solvay boosted by brighter outlook

By Francesco Canepa

LONDON, May 6 (Reuters) - European stocks were flat on Tuesday as upbeat outlook statements from chemical groups Solvay and DSM were offset by sharp falls in Barclays and Aberdeen Asset Management after weak results.

Shares in Solvay and DSM both rose around 3 percent to be among top FTSEurofirst 300 risers as the former said it expects high single-digit percentage growth in core profit this year and the latter forecast higher earnings in the remainder of 2014.

They helped brighten the mood in a mixed earnings season so far in Europe, where 45 percent of STOXX Europe 600 companies missed consensus estimates and earnings forecasts for next 12 months have been cut by 0.9 percent over the past 30 days, StarMine data showed.

At 1004 GMT the pan-European FTSEurofirst 300 index was flat at 1,348.02, hovering close to a near six-year high hit on Friday. The Euro STOXX 50 was also flat at 3,170.33 points.

"It's good that the markets have stayed where they were despite this earnings correction," François Duhen, director of dedicated research at CM-CIC Securities in Paris, said. "Now that is done, earnings expectations are more sustainable."   Continuación...