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European stocks stabilize as investors await US Federal Reserve meeting minutes, economic data
(MENAFN) European stock markets showed little movement on Wednesday as investors looked forward to the release of the Federal Reserve's July meeting minutes for insights into future U.S. interest rate decisions. The pan-European STOXX 600 index was steady at 512.74 points by 0711 GMT, following a pause in its five-day winning streak from the previous session. European stock exchanges opened with minimal changes, subsequently rising by small margins of 0.1 to 0.2 percent throughout the day.
The basic resources sector played a key role in maintaining the index's stability, driven by a 1.2 percent increase following Shanghai aluminum futures reaching a five-week high due to constrained raw material supplies. With no significant economic data releases scheduled from Europe on Wednesday, market attention was focused on the forthcoming minutes from the U.S. Federal Reserve's meeting, which are anticipated to provide further clarity on the central bank's stance on interest rates. Additionally, initial revisions to U.S. jobs data are expected later in the day, with forecasts indicating a potential decline.
In individual stock movements, Foust Alpine saw a notable increase of 3.8 percent, leading the European benchmark index after receiving an upgrade from Morgan Stanley. Conversely, Alcon's shares dropped by 2.2 percent following a smaller-than-expected rise in second-quarter sales, while Sonova Holdings experienced a 3.2 percent decline after Morgan Stanley downgraded the stock. These mixed performances reflect ongoing investor anticipation surrounding broader economic indicators and central bank policy directions.
The basic resources sector played a key role in maintaining the index's stability, driven by a 1.2 percent increase following Shanghai aluminum futures reaching a five-week high due to constrained raw material supplies. With no significant economic data releases scheduled from Europe on Wednesday, market attention was focused on the forthcoming minutes from the U.S. Federal Reserve's meeting, which are anticipated to provide further clarity on the central bank's stance on interest rates. Additionally, initial revisions to U.S. jobs data are expected later in the day, with forecasts indicating a potential decline.
In individual stock movements, Foust Alpine saw a notable increase of 3.8 percent, leading the European benchmark index after receiving an upgrade from Morgan Stanley. Conversely, Alcon's shares dropped by 2.2 percent following a smaller-than-expected rise in second-quarter sales, while Sonova Holdings experienced a 3.2 percent decline after Morgan Stanley downgraded the stock. These mixed performances reflect ongoing investor anticipation surrounding broader economic indicators and central bank policy directions.
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