The Stoxx Europe 600 was little changed, with energy companies leading declines as crude prices extended last week's slump. Banks gained, with UBS Group AG climbing more than two per cent after takeover target Credit Suisse AG reported outflows that were lower than some analysts had expected. Royal Philips NV jumped more than 12 per cent after easing supply-chain pressures helped drive strong first-quarter earnings for the Dutch medical technology firm.
“Earnings estimates for the back half of the year in the U.S. remain too optimistic; we do still see a mild recession ahead,” Laura Cooper, a senior investment strategist at BlackRock International Ltd., said on Bloomberg TV. “So we are really more selective in our equity space and crucially, earnings will provide some color on guidance going forward and that could tilt out view a bit.”
Elsewhere this week, the euro-area will publish GDP data and there will be a policy decision in Sweden. Data Monday showed Germany's business outlook unexpectedly improved for a sixth month as the economy gradually recovers from the energy shock. The euro gained against the dollar.
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