European stocks near record high; Deliveroo tumbles in debut

(Reuters) – European stocks held steady on Wednesday, trading marginally below all-time highs, while investors maintained a cautious stance after food delivery company Deliveroo’s lacklustre London debut and a slew of corporate earnings.

The pan-European STOXX 600 index inched up 0.1% by 0817 GMT, on course to end March with a 6.5% rise and the first quarter with an 8.1% gain.

Shares in Deliveroo opened well below the price of their initial public offering, and fell as much as 30% to 275 pence. The company priced its initial public offering at 390 pence per share, valuing the company at 7.6 billion pounds ($10.5 billion).

Continental peers Just Eat Takeaway and Delivery Hero fell 2.7% and 1.9%, respectively.

H&M slipped 1.2% after the Swedish retailer reported a quarterly loss and said it would not propose a dividend at its annual general meeting.

Credit Suisse extended losses for a third day on worries its losses linked to the downfall of Archegos Capital, which defaulted on margin calls earlier this week.

French business IT services provider Capgemini rose 1.9% after it raised its medium-term margin targets.

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