European exchanges hovered around the flat line on Tuesday morning as tensions between North Korea and the U.S. intensified and European monitors criticized Turkey's referendum.
The pan-European Stoxx 600 was 0.11 percent lower with most sectors and exchanges trading in opposite directions. Auto shares initially led the gains in early deals after Volkswagen said that sales should grow between 4 and 5 percent in China this year. Insurance stocks and financial services were higher in early trade on ratings upgrades.
However, basic resources fell more than 1.5 percent at the start of the trading day as steel and iron ore prices dropped. Looking at particular stocks, Pandora was down by more than 7 percent in early deals, whereas Galapagos led the Stoxx 600. The latter rose nearly 5 percent after it raised $338 million gross proceeds in a U.S. public offering, Reuters reported.
Stefan D. Angelov - Head of Stocks Trading
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