PARIS (dpa-AFX) - Most European markets erased early losses and are trading higher on Thursday afternoon, even after flash estimates showed that the Eurozone economy grew less than expected in the first quarter. Further, sentiment was impacted earlier by mixed earnings reports.
In the eurozone, seasonally adjusted gross domestic product grew only 0.2 percent sequentially, the same rate as seen in the fourth quarter, Eurostat reported. Economists had forecast the rate to double to 0.4 percent.
Meanwhile, Germany's quarterly gross domestic product growth doubled to 0.8 percent in the first quarter from 0.4 percent in the previous quarter, Destatis said. This was the biggest increase since the first quarter of 2011 and exceeded the 0.7 percent expected increase.
The French economy unexpectedly remained flat in the first quarter after expanding 0.2 percent at the end of 2013, the statistical office Insee said today. GDP was forecast to rise 0.1 percent.
The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.14 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.45 percent.
The German DAX, Switzerland's SMI and the UK's FTSE 100 are trading slightly higher, while the French CAC 40 is marginally down.
In Frankfurt, ThyssenKrupp and Linde are gaining 1.8 percent and 1.7 percent, in that order.
Deutsche Post is declining 3.6 percent. The mail and logistics group reported first-quarter results.
Lufthansa and RWE are losing 2.3 percent and 1.3 percent, respectively.
Merck KGaA is moderately lower. The firm reported financial results.
In Paris, Credit Agricole, Societe Generale and BNP Paribas are losing between 2.1 percent and 1.2 percent.
Vivendi is up modestly. The media company posted a decline in first-quarter profit amid weak revenues mainly from its music business.
In London, International Consolidated Airlines is losing 3.8 percent and easyJet is falling 3.1 percent.
Old Mutual is losing 3.1 percent. The insurer said its first-quarter gross sales increased 12 percent to 6.25 billion pounds from last year's 5.60 billion pounds. At constant currency rates, gross sales climbed 24 percent.
Carphone Warehouse is declining over 3 percent. The telecommunications retailer reached an agreement with Dixons Retail on the terms of a recommended all-share merger of both companies. Dixons Retail is declining 4.5 percent.
Thomas Cook is declining 6.3 percent. The company sees achievement milestones for fiscal 2014 more challenging due to the impact of market disruption in Egypt.
London Stock Exchange Group is gaining 2.4 percent. The company's board has proposed a 4.5 percent rise in dividend to 20.7 pence per share.
Hennes & Mauritz AB is up 2.2 percent in Stockholm. The company's total sales for April, including Value Added Tax, climbed 17 percent in local currencies.
Richemont is surging 5.2 percent, after upping its dividend.
The Asian stocks ended mixed, with Chinese shares tumbling on growth concerns and Japanese shares retreating on disappointing earnings.
In the U.S., futures point to a mixed open on Wall Street. In the previous session, the Dow slid 0.6 percent, the tech-heavy Nasdaq dropped 0.7 percent and the S&P 500 shed half a percent.
Crude for June delivery is losing $0.30 to $102.07 per barrel, while gold is falling $0.2 to $1305.7 a troy ounce.
Copyright RTT News/dpa-AFX