European stocks are looking for direction

European stocks opened little changed on Thursday, November 24th, after the minutes of the Federal Reserve meeting indicated a moderation in the pace of interest rate hikes and while investors await new indications from the European Central Bank.

The Stoxx 600 index of European shares fell 0.03% amid low trading volumes, possibly due to the Thanksgiving holiday in US markets.

Wall Street closed with strong gains yesterday, Wednesday, after the minutes of the Fed meeting showed that a “large majority” of policymakers agreed that “it will probably be appropriate soon” to slow the pace of interest rate increases.

The European Central Bank is due to publish the minutes of its October meeting later in the day, at which it raised interest rates by 75 basis points, but said it had already made “significant” progress in its bid to combat a historic jump in inflation.

Remy Cointreau fell 2.7% after cognac maker Remy Martin said its results for the year’s second half would reflect a return to normal consumption trends after two years of “exceptional growth”.

Elekta shares plunged 5.3% after the radiotherapy equipment maker warned of damage to its margins in the third quarter due to uncertainty about macroeconomic conditions and supply chain problems.