European shares flat, but set for weekly loss as Iran tensions lift oil

European stocks were subdued on Friday, but the STOXX 600 was still near record highs and is set for a modest weekly decline. The index rose 0.05% to 659.65 by 0710 GMT, after easing earlier in the week. Investors are weighing stalled efforts to end the U.S.-Iran war and waiting on key euro zone data, including employment and GDP figures at 0900 GMT. The market has been supported by a strong earnings season, with second-quarter profit growth for Europe’s blue chips forecast to rise 23.4%, led by energy and materials. Oil-related geopolitical risks have hurt sentiment, with crude futures up 1% to $87.93 a barrel.