European shares flat as traders brace for key euro zone data
3:30 am Tuesday, August 20th, 2024
(Reuters) – European shares were subdued on Tuesday as investors refrained from placing massive bets ahead of key data from the euro zone, while energy stocks were the biggest laggards following a drop in global oil prices.
The pan-European STOXX 600 index held its ground at 514.87 points, as of 0710 GMT, after touching a three-week high in the previous session.
The oil and gas sector was the biggest loser in the benchmark index, dropping nearly 1%, as crude prices edged lower on easing geopolitical risks and weak demand from China. [O/R]
Technology stocks gained 0.6%, led by a 1.3% jump in heavyweight ASML Holdings.
On investor radar is euro zone’s consumer price data that is scheduled to drop at 0900 GMT.
German producer prices decreased 0.8% on the year in July, in line with forecasts. The German benchmark DAX ticked 0.2% higher.
The Swedish benchmark was flat ahead of its central bank rate decision at 0730 GMT.
Among individual stock moves, Jyske Bank gained 2.1% after the Danish bank reported its first-half results.
(Reporting by Pranav Kashyap in Bengaluru; Editing by Sherry Jacob-Phillips)
