April 27, 2016 / 10:32 AM / 2 years ago

Greek shares underperform flat European markets

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details) Updates prices)

* FTSEurofirst 300 edges up in choppy trade

* Greek stock market down almost 4 pct

* Neste slumps after slide in earnings

* Adidas rises after hiking guidance

By Sudip Kar-Gupta

LONDON, April 27 (Reuters) - European shares were little changed on Wednesday amid a mixed set of corporate earnings, while the Greek market underperformed after euro zone officials delayed a meeting on the country’s bailout.

Greece’s benchmark ATG equity index fell 3.7 percent, making it the worst-performing market in the region.

The Athens market fell after the Eurogroup said late on Tuesday that euro zone finance ministers would not meet on Thursday and needed more time to discuss two sets of Greek reforms that would unlock new loans.

The broader, pan-European FTSEurofirst 300 index, which hit a three-month high last week, was up 0.1 percent by 1013 GMT.

“We’ve had a good run-up in the last couple of weeks, but I think we’re still in a bear market. My overall roadmap from here is down,” said Andreas Clenow, hedge fund manager at Zurich-based ACIES Asset Management.

Shares in state-controlled Finnish refiner Neste slumped 8.2 percent after Neste reported a bigger-than-expected fall in first-quarter earnings.

Technology stock AMS also lost ground after Apple posted its first-ever decline in iPhone sales and its first revenue drop in 13 years.

On the positive side, German sportswear group Adidas surged 7 percent after hiking its guidance for 2016 as it reported a 35 percent jump in first-quarter operating profit.

Barclays was flat after it reported a slump in profits, even though some traders pointed to a relatively strong performance at the bank’s UK division as helping to boost the shares.

Today’s European research round-up

ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). In a real-time, multimedia format from 0600 London time through the 1630 closing bell, it will include the best of our market reporting, Stocks Buzz service, Eikon graphics, Reuters pictures, eye-catching research and market zeitgeist. Breaking news and dramatic market moves will continue to be alerted to all clients and we will continue to provide a short opening story and comprehensive closing reports.

If you have any thoughts, suggestions or feedback on this, please email mike.dolan@thomsonreuters.com.

Mike Dolan, Markets Editor EMEA. (Additional reporting by Danilo Masoni in Milan; editing by Susan Thomas)

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