European shares were flat on Wednesday, hovering near more than a month's low, with quarterly earnings reports from legacy names like ASML, LVMH and Adidas in the spotlight and as investors kept an eye on developments in the Middle East.

The continent-wide STOXX 600 was flat at 0717 GMT, after notching its worst day in nine months in the previous session on concerns about escalating geopolitical tensions.

First-quarter earnings reports will help assess the health of corporate Europe against the backdrop of high interest rates. Overall profits are expected to have declined 12.1% from the previous year, according to LSEG data.

Among top movers, ASML dropped 4.8%, steering a 1.8% decline in the technology sector after the Dutch firm reported weaker-than-expected new bookings in its first-quarter earnings.

On the flip side, LVMH rose 2% and helped limit losses on the benchmark index after the world's largest luxury group's quarterly sales rose 3%, offering some reassurance to investors concerned about the industry's outlook, particularly in China.

Adidas jumped 5.4% as the German sportswear giant hiked its outlook for 2024 after posting better-than-expected preliminary results for the first quarter. (Reporting by Johann M Cherian in Bengaluru and and Ozan Ergenay in Gdansk; Editing by Savio D'Souza)