European stocks under pressure on Deutsche Post share decline

European stocks opened flat on Wednesday, as a decline in German post office Deutsche Post offset the gains of companies that revealed optimistic earnings data.

By 0826 GMT, the European STOXX 600 index recorded little change at 486.57 points.

According to Reuters, TeamViewer shares jumped 10.9% to the top of the index after the German software developer announced higher-than-expected fourth-quarter revenues and profits.

Energy companies topped the session dominated by earnings reports, with Vestas shares rising 6.3% after the Danish wind turbine maker exceeded operating profit expectations for the fourth quarter.

On the other hand, Equinor shares fell 3.7% after the Norwegian oil and gas company recorded higher-than-expected quarterly operating profits, but said it would reduce its total payments to shareholders in 2024.

The oil and gas sector rose 0.2%.

The loss of Deutsche Post Group shares of about 4% put some pressure on the index, after the German government development bank (KFW) sold 50 million shares in the group for 2.17 billion euros.