European shares flat as Volkswagen dips 1.1%

European stocks were largely flat on Monday as losses in automakers countered gains in miners, while investors braced for a busy week of corporate earnings and economic data.

The pan-European STOXX 600 index inched up 0.02 per cent in early trading after it recorded its first weekly loss in eight on Friday.

A 10-year high for Shanghai copper prices and a surge in other metals boosted shares of European miners, with the basic resources index climbing 0.5 per cent to lead sectoral gains.

Auto stocks took a hit, with Volkswagen slipping 1.1 per cent after the Financial Times reported the company had warned managers to prepare for a bigger production hit in the second quarter due to a global chip shortage.

Asian shares at six-week highs, eyes on Fed, US GDP

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Austrian sensor maker AMS fell 4.3 per cent after Credit Suisse double downgraded its stock to "underperform", citing concerns around the company potentially losing product supply deals at Apple.

In Dublin, the Iseq index was up nearly 0.4 per cent with banks leading the way.

- Reuters