Europe close: Stocks little changed ahead of key data releases
European stocks finished the session little changed on Tuesday as weak German industrial output data kept a check on sentiment ahead of key releases on consumer prices scheduled for later in the week.
Investors also brushed off data in the States showing a record 9.2m job openings in April.
Against that backdrop, the Stoxx 600 edged up 0.1% to 454.01, while the Cac-40 was up by 0.11% at 6,551.01.
The German Dax on the other hand dipped 0.23% to 15.640.60 while the FTSE Mibtel drifted lower by 0.06% to 25,809.16.
"Stock markets remain in stubborn mood, with a mixed picture prevailing across the US and Europe today," said IG chief market analyst, Chris Beauchamp.
"While upside in stocks has been limited of late, the downside hasn’t received any traction either and a weakening in US Treasury yields has played a part here.
"We are a long way from a full-blown reversal in yields, and a strong CPI number could change the game entirely, but for now the diminishing attractions of bonds have aided stocks in their quest to hold their ground, and have proven very helpful indeed for the Nasdaq 100, which has steadily recovered in recent sessions."
Consumer price data for the People's Republic of China were due out during the following session, followed by figures in the US on Thursday.
Back in Europe, data showed German industrial output fell unexpectedly in April driven by a lack of semiconductors, timber and other intermediate goods in another indication of supply bottlenecks holding back the country’s economic recovery.
The Federal Statistics Office said industrial output dropped 1% on the month after a downwardly revised increase of 2.2% in March. Analysts had been looking for a rise of 0.5%.
Investors were also concerned after a report in the UK Times newspaper reported that Britain’s next phase in easing of lockdown on June 21 could be delayed by a fortnight amid concerns over the spreading of new variants of the virus after the government failed to close borders to counter the Indian strain of Covid.
In equity news, shares in Intermediate Capital Group topped the Stoxx 600 as the company increased its fundraising target after exceptional performance by its investment arm caused annual profit to more than quadruple.
UK tobacco giant BAT rose as the company increased its guidance for annual revenue growth as it attracted more non-combustible product customers and reported a solid performance for its tobacco brands.
Aviva shares gained after activist investor Cevian Capital said it had built a 4.95% stake in the insurer and called on it to return £5bn to shareholders next year.
Swiss contract drugmaker Lonza gained 2.33% after a Goldman Sachs upgrade to ‘buy’.
Dechra Pharmaceuticals rose after reporting that full-year revenue was set to be ahead of consensus expectations, as it continues to benefit from strong market fundamentals and lower costs.