European Shares Steady Ahead of ECB Rate Decision Amid Mixed Economic Data

European shares remained flat on Tuesday, stabilizing after a 1% jump in the previous session, as investors digested a mix of economic data while anticipating a widely expected interest rate cut from the European Central Bank (ECB) later in the week. The pan-European STOXX 600 index held steady at 510.40 points as of 0715 GMT.

AstraZeneca led the declines, falling 5% after detailed trial results revealed its experimental lung cancer drug did not significantly improve overall survival rates. The healthcare sector as a whole lost 1%, contributing to the lackluster performance.

Germany’s DAX slipped 0.1% following data showing the country’s inflation had slowed to 2% in August. In the UK, labor data revealed that average weekly earnings, excluding bonuses, were 5.1% higher year-on-year for the three months ending in July, pushing the FTSE 100 down 0.2%.

Technology stocks provided some support to the STOXX 600, with Capgemini and SAP gaining 4.1% and 0.8%, respectively, following positive results from Oracle. However, hearing aid maker Amplifon tumbled 5% after Apple announced that its new AirPods could function as hearing aids.