European Stocks Hold Steady as Kering Shares Surge and BP Slides

European stocks were muted on a mixed batch of earnings, with Kering SA rallying on better-than-expected results, while BP Plc dropped after halting share buybacks.

The Stoxx Europe 600 Index was little changed at the close. BP declined 6.1% after the oil major slashed a $750 million quarterly stock repurchase program. Kering SA rose 11% after it reported Gucci sales that fell less than anticipated in the final months of 2025.

The insurance sector posted the biggest losses. US peers dropped on Monday as the launch of an AI tool from privately held online insurance shopping platform Insurify sparked concerns about industry disruption. Chemicals and auto stocks outperformed.

The regional benchmark stalled after managing to outperform US peers so far this year, thanks to a relatively smaller exposure to tech. The focus is now on the earnings season for clues on consumer health and the potential impact from a stronger euro. 

MSCI Europe companies have so far posted a 1.8% rise in quarterly profits, compared with analyst estimates of 1.3%, according to data compiled by Bloomberg Intelligence.

“What strikes me is that there is little indulgence for when companies miss expectations, the market is severe with misses and does not reward beats that much,” said Karen Georges, a fund manager at Ecofi Investissements in Paris.

In other individual stocks, Koninklijke Philips NV rose 12% after its top executive said strong demand helped temper the impact from tariffs. Ferrari NV surged 11% as the Italian supercar maker issued new targets for 2026 that reassured investors about its ability to sustain growth and margins.

Standard Chartered Plc shares fell 5.7% after its Chief Financial Officer Diego De Giorgi, one of the front-runners to lead the bank, unexpectedly resigned after about two years in the role.

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