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European stocks were steady in early trading on Tuesday, while shares in Credit Suisse soared 7 per cent after it named a new chief executive.
The Swiss lender said it had hired Prudential head Tidjane Thiam as the first African to lead a global investment bank, with the job of reviving a company reeling from US penalties and under increasing regulatory scrutiny.
"Credit Suisse has had different issues throughout the years and someone with a diverse background could look at its strategy with a fresh pair of eyes," said Sally Yim, Vice-President at Moody's Investors Service.
German reinsurer Hannover Re also featured among the top gainers, up 3.8 per cent after it raised its dividend to 4.25 euros per share from 3 euros by offering a special dividend payment after record net income for the year.
Shares in French utility EDF rose 2.8 per cent after Economy Minister Emmanuel Macron told Reuters late on Monday the government has no plans to merge EDF with loss-making nuclear group Areva, although the two groups could forge an industrial alliance and EDF may consider a capital investment in Areva's reactor business.
Wacker Chemie rose 4 per cent after Bloomberg reported the company is preparing to spin off Siltronic, its silicon wafer unit that supplies the global microchip industry.
At 0833 GMT, the FTSEurofirst 300 index of top European shares was down 0.05 per cent at 1,566.25 points, hovering below a seven-year high hit last week.
"It's too early to say that the market has hit a top. The trend is still positive for now despite the hesitation of the last few days. The best thing to do is to buy all the little dips," said Jean-Louis Cussac, head of Perceval Finance.
UK's FTSE 100 index was down 0.2 per cent, Germany's DAX index down 0.3 per cent, and France's CAC 40 down 0.3 per cent.
Energy firms featured among the heaviest fallers, with BP losing 1.1 per cent and Total down 1.5 per cent, tracking sliding oil prices, with Brent futures down 0.9 per cent to below $58 a barrel.
Chinese inflation unexpectedly picked up in February, but producer prices slid more, underscoring the pressure on profit margins at Chinese companies and adding urgency to policymakers' efforts to find ways to support growth.
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