European stocks flat as China stimulus update underwhelms

(Reuters) - European stocks were little changed on Monday after China's stimulus plans failed to inspire confidence among investors, who focussed on the earnings season and the European Central Bank's policy meeting later this week.

The continent-wide STOXX 600 index edged up 0.01% by 0720 GMT, with gains in utilities and financial services sectors offsetting declines in travel and leisure stocks as well as luxury companies.

Asian stocks teetered between gains and losses after China pledged on Saturday to "significantly increase" debt to revive its sputtering economy, but left investors guessing on the overall size of the stimulus package.

LVMH, Hermes and Kering (EPA:PRTP ) and other French luxury stocks exposed to China fell between 1% and 3%.

British betting companies Flutter and Entain slid 7.3% and 12.6%, respectively, after a media report said the UK government is considering doubling taxes on online casinos and bookmakers.

Mulberry jumped 16% after the British luxury brand said it is working with advisers to evaluate Frasers' sweetened 111-million-pound ($145.1 million) takeover proposal.

Source: Investing.com