European shares trade flat as BP slump offsets luxury sector gains
European shares held steady on Tuesday as a slump in BP shares offset gains in the luxury sector. Investors remain cautious ahead of key U.S. economic data.
Insights:
BP p.l.c. suspended its share buyback programme on February 10, 2026, following a roughly $4 billion write-down in its renewables and biogas businesses. The announcement led to a decline in the company's stock price and weighed significantly on the broader energy sector. This downward pressure contributed to the pan-European STOXX 600 index finishing the day flat, even though it had traded near an intra-day record high earlier in the session.
