BRUSSELS, Nov 7 —European shares were subdued today as a drag in energy stocks offset gains in financials, while Watches of Switzerland jumped to a more than one-month high following a strong second-quarter update.

The pan-European STOXX 600 was flat by 0815 GMT, having snapped a five-day gaining streak today.

It had climbed more than 3 per cent last week amid robust earnings and signs of an end to rate hikes by major central banks.

Energy stocks led sectoral declines with a 1.2 per cent fall, tracking a more than 1 per cent drop in crude oil prices.

Watches of Switzerland soared 12.2 per cent to the top of the STOXX 600 as it expects to more than double its annual profit by 2028.

UBS Group posted a US$785 million loss in the third quarter, while signalling that its core wealth business is stabilising. The stock was up 4.3 per cent, aiding a 1 per cent rise in the financial services sector index. — Reuters