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ING jumps on new share buyback, strong Q1

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Novo Nordisk slides as obesity drug concerns weigh

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EZ factory activity took turn for the worse in April- PMI

(Updated at 0815 GMT)

By Ankika Biswas

May 2 (Reuters) - European shares flitted in a tight

range on Thursday, after falling to a one-week low in early

trade, as investors returned from a mid-week holiday to gauge a

slew of earnings and the Federal Reserve signalling a delay in

interest rate cuts.

The pan-European STOXX 600 held its ground at

503.55, as of 0830 GMT, after logging its first monthly decline

this year in April.

Market sentiment has come under pressure as investors

navigated through risks surrounding the Middle East geopolitical

conflict, the European Central Bank's policy outlook beyond

June, and the corporate earnings season.

European equities were closed on Wednesday due to Labour Day

holiday, a day that saw the U.S. Fed signal rates would stay

higher for longer owing to recent disappointing inflation

readings.

"The latest official stance supports the notion that there

will be a delay in the timing of the first rate cut, but not a

pivot back to tightening ... Our base-case is for a total of 75

bps of cuts this year," OCBC strategists wrote.

As for domestic monetary policy, Spanish policymaker Pablo

Hernandez de Cos noted the ECB is growing increasingly confident

that euro zone inflation can drop to 2% target by mid 2025 after

a choppy few months between now and then.

Energy stocks dropped 1% to a near one-month low.

World's largest wind turbines maker Vestas lost 2.5%

after a surprise first-quarter loss while France's Technip

Energies shed 4.1% after first-quarter results.

Danish drugmaker Novo Nordisk lost 2.4% despite a

first-quarter beat and outlook hike, with analysts pointing to

slower underlying growth and weakness in obesity drug sales.

Shares of Danish shipping giant Maersk dropped

3.7% after a first-quarter earnings before interest and taxes

(EBIT) miss.

Spanish bank Sabadell jumped 6.4% after receiving

a merger proposal from bigger rival BBVA, whose shares

were down 1.9%.

On the flip side, Netherlands' ING Groep jumped

6.4% after a 2.5-billion-euro ($2.68 billion) share buyback and

a strong first-quarter performance, and Britain's Standard

Chartered ( SCBFF ) climbed 5.5% following a first-quarter profit

beat, boosting the bank index to top the sectoral

gainers' list.

French office services and call centre company

Teleperformance soared 11.1% following higher

first-quarter sales.

Danish hearing-aid company GN Store Nord ( GGNDF ) surged

14.1% after better-than-expected first-quarter earnings.

Bayer climbed 4.8% after its Monsanto unit won an

appeal over a $185-million verdict related to now-banned

chemicals called polychlorinated biphenyls.

Meanwhile, a survey showed the ongoing downturn in euro zone

manufacturing activity deepened in April, pushing firms to

reduce headcount again.