European shares hover near a 3-month high

European stocks hovered near three-month highs on Wednesday as a rally in commodities stocks offset a decline in Credit Suisse after issuing a profit warning, while investors awaited corporate activity data for clues to the strength of the eurozone economy.

By 0805 GMT, the pan-European Stoxx 600 index was flat after hitting its highest level since the end of August in the previous session. Oil, gas and mining stocks extended gains for the second session in a row, with the index of both sectors rising 0.9 percent.

The European Central Bank will release its monetary policy meeting statement on Thursday.

Investors also look forward to November’s Standard & Global Purchasing Managers’ Index in the eurozone and Britain. The data is expected to show a further contraction in corporate activity.

Credit Suisse shares fell after the ailing Swiss bank said it expected a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) for the fourth quarter.