Sept 22 (Reuters) – European shares were subdued at open on Tuesday, as investors awaited developments on potential US-Iran talks, while oil prices gained for the first time in five sessions.
The pan-European STOXX 600 was flat at 642.32 points by 0710 GMT. Most regional bourses were also muted.
Energy stocks gained 0.4% tracking a rise in oil prices as investors awaited developments on potential US-Iran talks at the United Nations General Assembly this week after more supplies emerged through the Strait of Hormuz over the weekend. [O/R]
Retail shares were a bright spot, up 1.3%, boosted by gains in Kingfisher after the European home improvement retailer raised its full-year profit guidance after reporting a 9.9% increase for the first half of the year.
On the other hand, insurance shares dipped roughly 1%, pressured by losses in ASR Nederland and AXA.
Market participants awaited euro zone consumer confidence data, due later in the day.
Among individual stocks, Italy’s Snam was down 0.2%. The gas grid operator announced sale of 10 million Industrie De Nora shares for €67 million ($76.8 million).
Plus500 was down 4.9%.
($1 = 0.8725 euros)
(Reporting by Sudeshna Ghoshal; Editing by Mrigank Dhaniwala)