European stocks lack direction, FTSE hit by oil stocks

After a somewhat shaky start, the European stock markets trade mixed, largely weighed down by heavy losses in the UK’s benchmark index, the FTSE.

The European stocks outside London swing between gains and losses, as corporate earnings reports remain the main market drivers amid a data-quiet European session. While the FTSE tumbles as sentiment sours on the back of oil-price declines.

On corporate news front, German industrial group Thyssenkrupp posted a 34% fall in its quarterly profit year-on-year, hurt mainly by weakening global steel and material prices. Shares of the company slipped 2.19%. While the German utility RWE posted first-half operating profit that missed analyst expectations, sending shares lower.

Currently, Germany's DAX 30 index trades +0.15% higher at 10,665 while the UK's FTSE index drops -0.60% to 6,825. Among other European indices, the French CAC 40 index trades almost unchanged at 4,450, while the pan-European Euro Stoxx 50 index trades marginally higher around 3020 levels.