European Shares Little Changed In Choppy Trade; Miners Outperform

(RTTNews) - European stocks turned positive after a sluggish start as oil prices fell back below the key $50 threshold and data showed growth in profits at Chinese industrial firms slowed in April.

Regional economic reports were fairly positive, with U.K. consumer confidence improving in May while French consumer confidence unexpectedly strengthened to its highest level in more than fifteen years.

Gains remained capped ahead of U.S. GDP data and comments from Federal Reserve Chair Janet Yellen due later in the day.

The pan-European Stoxx Europe 600 index was up 0.10 percent in midday trading after closing marginally higher in the previous session.

The German DAX, France's CAC 40 index and the U.K.'s FTSE 100 all traded up about 0.1 percent, erasing early losses.

Spanish bank Banco Popular fell more than 6 percent to extend Thursday's losses after announcing a surprise rights issue to strengthen its balance sheet.

Regional banks traded mixed, with Commerzbank losing 1 percent and Societe Generale Group declining half a percent, while British lenders Barclays and HSBC Holdings rose about half a percent each.

Mining giant Rio Tinto rallied over 2 percent, Anglo American rose about 1 percent and Glencore, the miner and trading house, gained 1.3 percent as copper prices advanced.

Outsourcing firm Capita dropped 2 percent as Exane BNP Paribas cut its rating on the stock to "underperform" from "neutral", citing concerns over its earnings outlook.

Swiss drugmaker Roche jumped almost 4 percent after announcing positive results from an interim analysis of its Gazyva drug.

Energy giants Total SA, BP Plc and Royal Dutch Shell fell marginally as oil prices eased from seven-month high to below $49 a barrel on oversupply concerns.