November 13, 2017 / 8:28 AM / a year ago

FTSE outperforms steady open for European shares; EDF slumps

MILAN, Nov 13 (Reuters) - European shares steadied in early deals on Monday after losses last week but Britain’s top FTSE 100 index rose as the pound weakened on British press reports of a building mutiny against Prime Minister Theresa May.

The pan-European STOXX 600 index fell 0.05 percent by 0820 GMT, weighed down by losses in utility EDF after a disappointing update, while Germany’s DAX added 0.2 percent.

EDF was the biggest faller on the STOXX 600. The French company lowered its 2018 earnings forecast due to lower than expected power consumption and a drop in capacity compensation in Britain.

Novartis rose 1 percent. Its bid to move in on Bayer’s and Regeneron’s eye-drug turf was buoyed by data showing patients on the Swiss drugmaker’s new RTH258 drug showed less disease activity than those on its rivals’ drug Eylea.

In the UK, the FTSE rose 0.4 percent, buoyed by gains in big export-oriented stocks like Diageo and Shire which were supported by falls in the pound.

The Times newspaper reported on Sunday that 40 Conservative lawmakers had agreed to sign a letter of no confidence in May - just short of the 48 needed to force a leadership vote. (Reporting by Danilo Masoni and Helen Reid, Editing by Helen Reid)

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