Key facts
- European shares were flat at 642.32 points by 0710 GMT.
- Energy stocks gained 0.4% as investors awaited developments on potential US-Iran talks.
- Retail shares rose 1.3% after Kingfisher raised its full-year profit guidance.
- Insurance shares dipped 1%.
European shares traded subdued at the open on Tuesday, with investors closely watching for developments regarding potential US-Iran talks. The pan-European STOXX 600 index was flat at 642.32 points by 0710 GMT, with most regional bourses also showing little movement.
Energy stocks saw a modest gain of 0.4%, tracking a rise in oil prices. This increase in oil prices came as markets awaited news on potential US-Iran discussions at the United Nations General Assembly this week, following reports of increased supplies through the Strait of Hormuz over the weekend.
Retail shares were a notable bright spot, climbing 1.3%. This uplift was primarily driven by gains in Kingfisher, the European home improvement retailer, which raised its full-year profit guidance after reporting a 9.9% increase in the first half of the year.
Conversely, insurance shares experienced a dip of approximately 1%, weighed down by losses in companies such as ASR Nederland and AXA. Market participants were also anticipating the release of euro zone consumer confidence data later in the day.
In individual stock movements, Italy's Snam was down 0.2% after announcing the sale of 10 million shares in Industrie De Nora for €67 million ($76.8 million). Plus500 also saw a decline, trading down 4.9%.