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European Shares Hold Steady On Earnings


European stocks were holding steady on Wednesday as firmer commodity prices and some solid earnings updates helped investors shrug off North Korea's threat to scrap a historic summit next month between its leader Kim Jong Un and U.S. President Donald Trump.

The pan-European Stoxx Europe 600 index was marginally lower at 392.15 in late opening deals after ending Tuesday's session little changed with a positive bias.

The German DAX was little changed and France's CAC 40 index was declining 0.2 percent while the U.K.'s FTSE 100 was a tad higher, helped by a weakening pound and positive earnings updates from the likes of Burberry and Micro Focus.

Burberry rallied more than 2 percent. The British luxury fashion house announced another share buyback after reporting full-year adjusted operating profit above analyst estimates.

Software company Micro Focus International jumped almost 9 percent on saying the signing of a new $40 million (29 million pounds) licensing deal would help bolster its first-half revenue.

Leoni shares jumped 3 percent in Frankfurt. The provider of energy and data management solutions in the automotive market reiterated its FY18 outlook after its consolidated net income for the first quarter rose 19.1 percent.

French catering and foodservice firm Elior slumped 14 percent after a profit warning.

In economic releases, Eurozone inflation eased slightly in April, as estimated, final data from Eurostat showed. Inflation slowed to 1.2 percent in April from 1.3 percent in March. The rate came in line with the estimate published on May 3.

German consumer price inflation held steady in April, as previously estimated, final data from Destatis showed. Consumer prices climbed 1.6 percent year-on-year in April, the same rate of increase as seen in March and in line with the estimate released on April 30.

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