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London - European stocks were little changed, after a four-day decline, as losses in commodity producers offset further gains in builders.
The Stoxx Europe 600 Index climbed less than 0.2% at 10:32. The benchmark trimmed intraday declines on Monday as construction companies rallied on US President Donald Trump’s comments about “big” spending on infrastructure. Investors are seeking details of his economic plans from his address to a joint session of Congress, due after European markets close.
“While markets no doubt appear to like what they are hearing, the president now needs to deliver,” Michael Hewson, chief market analyst at CMC Markets in London, wrote in a note. “If he fails to do so, we could well see a swift market reaction.”
The Stoxx 600 closed at a two-week low on Monday. The benchmark lost momentum after reaching a 14-month high on February 21.
Some shares were active on corporate results. Meggitt rallied 11% after reporting a 17%jump in annual profit, while Moneysupermarket.com slumped 8.9% after saying 2017 revenues were trailing last year’s figures.
Seadrill tumbled 6.7% after warning it may miss a deadline in challenging talks to restructure its debt load. That would force the offshore driller to implement emergency plans that could include filing for bankruptcy protection. Miners posted the worst performance on the Stoxx 600, heading for their lowest level in about three weeks.
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