European shares muted ahead of economic data; H&M shines
The pan-European STOXX 600 was steady at 511.07, as of 0816 GMT, hovering near a record high hit on Tuesday.
European stocks opened flat on Wednesday after closing at record high in the previous session, as investors awaited more economic data due this week, while H&M shares jumped on upbeat quarterly results.The pan-European was steady at 511.07, as of 0816 GMT, hovering near a record high hit on Tuesday.
Oil and gas shares were the biggest drag on the index, down 0.7% fall, mirroring weak on rising U.S. crude inventories.
Oil giants and were down 0.8% and 1%, respectively.
Swedish software firm Fortnox also weighed on the index, dropping 9.6%.
Outweighing the losses, H&M topped gains, with a 12% jump, after the world's second-largest listed fashion retailer beat its first-quarter operating profit estimates.
Recent dovish signals from major central banks and a rally in technology stocks buoyed by the artificial intelligence fervour spurred STOXX 600 to record highs. It is eyeing a second straight quarterly gain, up 6.7% so far.
Market focus will now shift to the euro-zone consumer and economic sentiment data for March later in the day, before the U.S. personal expenditure consumption data on Friday, for further cues on the Federal Reserve's interest rate trajectory.
DS Smith jumped 7.3% after the British paper and packaging firm said it was in talks with International Paper for an all-stock offer deal valued at 5.72 billion pounds ($7.22 billion). ($1 = 0.7925 pounds)
Source: Stocks-Markets-Economic Times
