Europe: Shares steady, Greek markets set to reopen

[LONDON] European shares were steady on Monday as strong results from HSBC and Commerzbank offset the impact of weak Chinese economic data, with the reopening of the Greek bourse also in focus.

The pan-European FTSEurofirst 300 index rose 0.3 per cent, while the euro zone's blue-chip Euro STOXX 50 index was flat.

HSBC rose 1.5 per cent after the bank reported higher first-half earnings and announced the sale of its Brazilian unit to Banco Bradesco SA for $5.2 billion.

Commerzbank shares also advanced after the German bank reported higher profits, although mining stocks fell after data from China - the world's biggest metals consumer - showed that a shrinking in factory activity in the country.

The Greek stock market is due to reopen around 0730 GMT, with some traders expecting steep losses on the Athens bourse.

Trading on the Athens bourse was suspended in late June as part of capital controls imposed to stem a debilitating outflow of euros that threatened to collapse Greece's banks and hurl the indebted country out of the euro zone.

REUTERS