European shares stable as earnings season comes into focus; Italy's Campari falls

European stocks were steady on Monday, as new corporate earnings reports arrived, including those from the LNG company GTT, and Dutch firm PostNL. However, shares in drinks manufacturer Campari fell following a probe into tax evasion.

As of 0812 GMT the pan-European STOXX 600 Index remained at 572.29, close to its more than one-week-old low.

The shares of GTT rose 4.3% as the French LNG containment systems specialist raised its revenue and core earnings estimates for this year. Oil and Gas Index led the sectoral gains, with a 1.1% increase.

The energy sector also saw a boost from BP's 1.7% rise after the UK firm announced plans to sell stakes of its U.S. Onshore Oil and Gas business in the Permian, Eagle Ford and midstream assets to funds managed and advised by investment firm Sixth Street.

Campari fell 4% on news that the Italian tax police had confiscated shares worth 1,29 billion euros ($1.5billion) from a Luxembourg holding company which controls the Italian drinks group for alleged tax evasion.

PostNL, among others, fell nearly 4% following the Dutch postal group's announcement of a larger-than-expected quarter-end operating loss. The Dutch postal group cited mounting pressure on their domestic mail operations, as volumes are dwindling and revenue is becoming increasingly concentrated with a few large customers.

(source: Reuters)