European shares flat as investors assess mixed earnings; focus on US-EU trade talks

July 21 (Reuters) - European shares were subdued early in the session on Monday as investors assessed a mixed bag of corporate earnings while awaiting a potential trade deal between the United States and the European Union.

The pan-European STOXX 600 index .STOXX was down 0.01% at 546.97 points, as of 0719 GMT.

U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident that Washington can secure a trade deal with the EU, but August 1 is a hard deadline for tariffs to kick in.

He added there is "plenty of room" for a deal after speaking with European negotiators.

European basic resources .SXPP gained 2.6%, the most among sectors, while automobile .SXAP fell 0.3%.

Among stocks, Ryanair RYA.I gained 5.8% and was one of the biggest percentage gainers in the STOXX 600, after Europe's largest low-cost carrier's net profit more than doubled in its April-June quarter.

Conversely, Stellantis STLAM.MI fell 2.4% after the automaker said it expects a net loss of 2.3 billion euros ($2.68 billion) for the first half of 2025.

Also on Monday, the Chinese foreign ministry said European Commission President Ursula von der Leyen and European Council President Antonio Costa will meet with Chinese President Xi Jinping on Thursday.