UPDATE 1-Post-midterms rally in European stocks fizzles out

Reuters

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    * STOXX 600 edges up 0.2 pct, DAX down 0.5 pct
    * Banks rise 0.8 pct after Commerzbank, SocGen, BPM results
    * Siemens rises slightly after results
    * ProSieben dives 14 pct, Inmarsat falls 8.6 pct after
results

 (Updates prices, adds quotes, details)
    By Josephine Mason and Helen Reid
    LONDON, Nov 8 (Reuters) - European shares were flat to
slightly higher on Thursday as a rally following U.S. midterm
elections sputtered while strong results from Societe Generale,
Commerzbank, and Sodexo soothed concerns about corporate
earnings.
    The pan-European STOXX 600  .STOXX  was up just 0.2 percent
by the close after a strong rally following Tuesday's U.S. vote.
In early dealings, the index hit its highest since Oct. 10.
    The leading index of euro zone stocks  .STOXX50E  closed
down 0.3 percent, however, with Germany's DAX  .GDAXI  down 0.5
percent and France's CAC 40  .FCHI  0.1 percent lower.
    "It's looking less robust in general" as investors take a
more cautious stance ahead of the U.S. Federal Reserve's meeting
later in the day, said Ken Odeluga, market analyst at CityIndex.
    "We think European investors will quickly refocus on the
remainder of earnings season, economic data and the outcome of
Brexit and Italian budget negotiations," said Pierre Bose, head
of European Strategy, International Wealth Management at Credit
Suisse.
    Results spurred some strong stock gains.
    Banking and insurance were among the top-performing sectors,
up 0.5 percent and 0.7 percent respectively, thanks to some
strong results.  .SX7P   .SXIP  
    Shares in Italy's third-largest lender Banco BPM  BAMI.MI 
jumped as much as 8.9 percent, then pared gains to close 2.6
percent higher, after its third-quarter net profit beat
forecasts thanks to lower costs and an asset sale that helped
offset flat fees and falling interest income.  urn:newsml:reuters.com:*:nFWN1XI11M
    Commerzbank  CBKG.DE  and SocGen  SOGN.PA  were up 5.2
percent and 2.4 percent respectively after solid earnings
updates.  urn:newsml:reuters.com:*:nL8N1XJ15V  urn:newsml:reuters.com:*:nL8N1XJ121
    German construction materials firm Wienerberger  WBSV.VI 
also rose after results, topping the STOXX with a 6.3 percent
gain. 
    The world's largest brickmaker reported a 25 percent jump in
third-quarter operating profit, helped by cost savings and solid
demand.  urn:newsml:reuters.com:*:nL8N1XJ1K2
    Investors shrugged off news that UBS  UBSG.S , Switzerland's
largest bank, faces another potentially costly legal battle as
the U.S. Department of Justice draws up civil charges over the
sale of mortgage-backed securities in the run-up to the 2008
financial crisis.  urn:newsml:reuters.com:*:nL8N1XJ362
    The bank has said it will contest any complaint vigorously.
    Analysts at Zuercher Kantonalbank reckoned more than half of
the 1.2 billion Swiss francs ($1.20 billion) UBS has set aside
for non-core legal risks was dedicated to the U.S. case. 
    Shares in the Swiss bank were up 1.3 percent.
    Sodexo  EXHO.PA  was flying high after the world's
second-biggest catering company's better-than-expected revenue.
 urn:newsml:reuters.com:*:nL8N1XJ2WG Shares jumped 5.1 percent to their highest since
March, and sealed their best day since July. 
    German engineering company Siemens  SIEGn.DE  rose modestly,
up 0.8 percent after it said it expects to notch up "moderate"
sales growth next year, bucking the trend of boardroom caution.
 urn:newsml:reuters.com:*:nL8N1XJ13U
    It wasn't all good news though. 
    Shares of broadcaster ProSiebenSat.1  PSMGn.DE  plunged 14.5
percent to the bottom of the STOXX 600, hitting their lowest
level in more than six years after the firm cut its dividend and
warned on its full-year outlook.  urn:newsml:reuters.com:*:nL8N1XJ2R9 
    ProSieben peer RTL  RRTL.DE  also tumbled 7.6 percent after
its earnings missed expectations due to a lower contribution
from RTL Deutschland, with Morgan Stanley saying advertising
revenues in Germany had fallen.  urn:newsml:reuters.com:*:nL8N1XJ4IK
    Inmarsat  ISA.L  sank 8.6 percent after its results revealed
weakness in its maritime division.  urn:newsml:reuters.com:*:nL4N1XJ3RT
    Shares in German chemicals group Brenntag  BNRGn.DE  fell
6.2 percent to their lowest level since July 2016, the day after
it reported earnings which missed expectations. 
    Oil stocks  .SXEP  tumbled 0.5 percent as crude prices
neared three-month lows with investors focusing on global crude
supply increasing.  urn:newsml:reuters.com:*:nL4N1XJ1GG

 (Reporting by Josephine Mason and Helen Reid
Editing by Danilo Masoni/Mark Heinrich)
 ((mailto:Josephine.Mason@thomsonreuters.com; +44 207 542 7695;
Reuters Messaging:
rm://josephine.mason.reuters.com@reuters.net))
 
(( For pan-European market data and news, click on codes in
 brackets:
 European Equities speed guide................... EUR/EQUITY 
 FTSEurofirst 300 index.............................. .FTEU3 
 STOXX Europe index.................................. .STOXX 
 Top 10 STOXX sectors........................... .PGL.STOXXS 
 Top 10 EUROSTOXX sectors...................... .PGL.STOXXES 
 Top 10 Eurofirst 300 sectors................... .PGL.FTEU3S 
 Top 25 European pct gainers....................... .PG.PEUR 
 Top 25 European pct losers........................ .PL.PEUR 
     Main stock markets:
 Dow Jones............... .DJI   Wall Street report ..... .N 
 Nikkei 225............. .N225   Tokyo report............ .T 
 FTSE 100............... .FTSE   London report........... .L 
 Xetra DAX............. .GDAXI   CAC-40............... .FCHI 
 World Indices..................................... 0#.INDEX 
 Reuters survey of world bourse outlook......... EQUITYPOLL1 
 Western European IPO diary......................... WEU/IPO 
 European Asset Allocation........................ EUR/ASSET 
 Reuters News at a Glance: Equities................. TOP/EQE 
 Main currency report:................................. FRX/ ))

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