Energy stock gain but miners lose in Europe (Reuters) (29-04-2008)

PARIS, April 29 (Reuters) - European stocks were moving sideways on Tuesday, pressured by a drop in mining shares and metal prices, which offset strong quarterly results from oil giants BP and Royal Dutch Shell.

Banking stocks fell, with UBS down 1.3 percent and Commerzbank down 1.4 percent, after Deutsche Bank unveiled asset writedowns, albeit reported ones, earlier in the month.

At 0847 GMT, the FTSEurofirst 300 index of top European shares was down 0.03 percent at 1,338.14 points. Declining shares outnumbered advancers by about two to one, compared with a ratio of seven to one in early trade.

Deutsche Bank lost 0.6 percent after posting its first quarterly loss in five years and saying it made further writedowns of 2.7 billion euros ($4.2 billion).

Mining shares were also falling, with BHP Billiton down 2.3 percent, Rio Tinto down 2.5 percent and Anglo American down 3 percent.

In macroeconomic news, investors will be watching out for U.S. consumer confidence data for April, due at 1400 GMT.

SourceReuters