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European stocks fluctuated in early trading as investors eyed earnings, monetary policy and the tax announcement in the United States. The pan-European Stoxx 600 was up by less than one point at 387.03 after slipping to an intraday low of 386.29.
Financial, utility and technology shares dropped. Basic resources stocks also underperformed after a Chinese official advised the country to reduce steel production. Consumer services, telecom and oil and gas stocks were in positive territory.
Utilities stocks were the worst performers in mid-morning trade after some changes to credit scores. Fitch ratings cautioned that there might be downgrades for Italian utility companies rated BBB+, if the country's rating is lowered to BB+. Fitch trimmed Italy's rating last monday from BBB+ to BBB.
Auto stocks were trading lower on earnings. Peugeot posted a 4.9 percent rise in first-quarter revenue after new models helped the French automaker counterbalance the effect of weak sales and exchange rate movements. Shares of Peugeot fell 1.7 percent in mid-morning trade.
Daimler increased full-year earnings outlook after reporting a net profit two times higher compared to the first quarter in 2016, however, its shares were also slightly moving downward, off by 0.5 percent.
Among shares active on corporate news, French luxury brand Kering topped the Stoxx 600, jumping ten percent after the owner of Gucci and Saint Laurent luxury brands announced first-quarter revenue soared 31 percent to 3.57 billion euros ($4.07 billion).
