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European Shares Hold Steady In Cautious Trade

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European stocks were largely unchanged on Tuesday as investors reacted to mixed economic readings and corporate earnings releases.

The pan-European Stoxx Europe 600 index was marginally higher at 392.29 in late opening deals after opening on a subdued note earlier in the day.

France's CAC 40 index was little changed with a positive bias and the U.K.'s FTSE 100 was moving up 0.2 percent while the German DAX was down 0.1 percent.

Housebuilder Taylor Wimpey rallied 2.3 percent in London after announcing new goals for the next five years to 2023.

Cairn Energy jumped over 5 percent. The oil & gas firm said that its platform for creating value remains strong and it expects 2018 to be a busy and successful year just as 2017.

Vodafone shares fell 2.6 percent after the telecom group said it expects a slowdown in underlying profit growth this year.

Credit Agricole Group shares advanced 2.4 percent. The French lender reported a marginal rise in first-quarter net income amid growth in areas such as insurance and asset management.

Swiss banking software firm Temenos soared 5.6 percent after its shares were included in MSCI's Switzerland index.

French telecoms group Iliad plummeted more than 17 percent after posting weak Q1 sales and announcing management changes.

Danish jewelry maker Pandora slumped 8.3 percent as it flagged a slowdown in growth in China.

Commerzbank rallied 2.1 percent. The German lender backed its 2018 outlook after reporting higher net profit for its first quarter.

Technology and industrial conglomerate ThyssenKrupp lost almost 4 percent after posting a surprise 23 million euro loss at its struggling Industrial Solutions business.

In economic releases, the Eurozone economy expanded at a slower pace as previously estimated in the first quarter, flash estimate from Eurostat showed.

GDP grew 0.4 percent sequentially, slower than the 0.7 percent expansion seen a quarter ago.

Data from Destatis showed that German economic growth halved in the first quarter. GDP grew 0.3 percent sequentially, slower than the 0.6 percent expansion seen in the previous quarter.

A gauge of French consumer price inflation remained stable as initially estimated in April, while the U.K. jobless rate in the three months to March reached the lowest point since 1975, separate reports showed.

by RTTNews Staff Writer

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