European stocks stabilize as investors await clarity in US interest rates

(MENAFN) European stock markets showed minimal movement on Wednesday as investors remained cautious, awaiting further economic data that could provide insights into the future direction of U.S. interest rates. The pan-European STOXX 600 index stood at 512.74 points, having ended a five-day streak of gains in the previous session. Despite the overall stability, the indexes experienced slight fluctuations, with the European Stoxx rising by 0.90 percent, the German DAX up 0.32 percent, the British FTSE increasing by 0.04 percent, and the French CAC edging up by 0.30 percent.

The basic resources sector provided a boost to the overall index, advancing by 1.2 percent as Shanghai aluminum futures reached a five-week peak, driven by constrained raw material supplies. In individual stock movements, Foust Alpine saw a notable increase of 3.8 percent following an upgrade by Morgan Stanley, which propelled the stock to the top of the European benchmark index. Conversely, Alcon experienced a decline of 2.2 percent after reporting second-quarter sales growth that fell short of analysts' expectations. Sonova Holdings also faced a downturn, with its shares dropping by 3.2 percent after Morgan Stanley downgraded the stock to an underweight rating. 

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