August 1, 2018 / 7:44 AM / in 2 months

European shares flat as earnings optimism overtakes trade war fears

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LONDON, Aug 1 (Reuters) - European shares were flat on Wednesday as a fresh batch of corporate earnings offset mixed signals on the U.S.-China trade conflict.

At 0711 GMT, the pan-European STOXX 600 was flat, Germany’s DAX had gained 0.1 percent and France’s CAC 40 was up 0.3 percent.

European financials were one the few sectors in the black after France’s BNP Paribas reported forecast-beating second-quarter profits and saw its shares rise 0.6 percent .

Lloyds Banking rose 2 percent after reporting pre-tax profit for the first half of 2018 jumped by 23 percent.

The travel and leisure index was also in positive territory as shares in Air France-KLM rose 7 percent after second-quarter results beat estimates.

Basic materials was the worst-performing sector, down 1.6 percent. Copper prices slid on reports the United States may propose a higher 25 percent tariff on $200 billion of Chinese imports. (Reporting by Julien Ponthus, editing by Larry King)

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