LIVE MARKETS-Earnings drive big moves

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EARNINGS DRIVE BIG MOVES

There was little action at the open in Europe on Wednesday with the region-wide STOXX 600 .STOXX stuck around flat as traders awaited for fresh catalysts after tariff truces fuelled a strong global rally.

Beneath the flat surface there were big moves on earnings releases. Profit beats sent ABN Amro, FLSmidth and Burberry soaring 6-9%, while disappointing releases saw both Alstom and TUI tumble more than 10% to the bottom of the STOXX.

No fireworks across subsectors too.

Positive sign for defensives such as utilities and real estate after losses in recent days, when trade deal optimism revived investors' favour for cyclical and tech stocks.

Of note, perhaps, was Spain's IBEX .IBEX, up 0.4% to a fresh 17 year high. Volatility .V2TX was languishing below 17 points.

(Danilo Masoni)

EARLIER ON LIVE MARKETS:

BEFORE THE BELL: EUROPE STEADY, CHINA TECH EYED CLICK HERE

MARKETS NEAR EVEN KEEL AMID TRADE DEAL HOPE CLICK HERE