European stocks were mixed on Wednesday, as investors monitored a fresh batch of corporate earnings and economic data.
The pan-European Stoxx 600 hovered close to the flatline during mid-morning deals, with sectors and major bourses pointing in opposite directions.
Basic resources stocks led the gains on Wednesday, up 1.8 percent during mid-morning deals. Polymetal International soared to the top of the sector and the European benchmark after reporting a 19 percent rise in year-on-year revenue for the first-quarter. The Russian precious metals mining firm said production of gold equivalent rose 5 percent to 295,000 troy ounces. Shares of Polymetal rallied 11 percent.
Meanwhile, Europe's autos stocks were the worst performers on Wednesday, down more than 1 percent amid weaker-than-expected sales data. European car registrations fell 5.2 percent, according to data published by the auto industry association ACEA on Wednesday. Nissan, Ford and Fiat Chrysler were reported to have led the losses during the first three months of the year.
Vopak surged after the Dutch oil and chemical storage firm said it was well-placed to significantly improve its core earnings in 2019. The company said this upwardly revised forecast was largely due to its expansion program. Its shares were up more than 5 percent.
Elsewhere, French energy firm Total agreed to buy competitor Direct Energie on Wednesday, in a transaction valued at 1.4 billion euros ($1.7 billion). The move could give the firm more ammunition to compete with France's mostly state-owned energy provider EDF. Shares of Total were up 1 percent.
Economic data
Investor confidence in the global economy appeared to deteriorate slightly after the International Monetary Fund (IMF) said Tuesday that medium-term risks were tilted towards the downside. The Washington D.C.-based institute cited financial vulnerabilities, geopolitical tensions and trade tariffs as potential headwinds over the coming months. However, the IMF left its worldwide growth forecasts unchanged for 2018 and 2019.
On the data front, U.K. and euro zone inflation numbers were cooler than expected. Annual consumer prices rose just 2.5 percent in March, down from 2.7 percent in February, marking a one-year low. The euro area figure on the other hand came in at 1.3 percent, an increase from the previous month, but lower than estimates.