European stocks are stable as investors await indicators on monetary policy

European stocks showed modest performance at the start of trading on Wednesday, with the momentum that drove the market higher at the end of the previous year starting to wane. Investors are eagerly awaiting key indicators that could shape global monetary policy.

As of 08:10 GMT, the European STOXX 600 index stabilized after a lackluster performance on Tuesday, which marked the first trading session of the new year. The index had recorded a 12.7 percent gain in 2023, fueled by increasing expectations of interest rate cuts.

Investors are particularly focused on upcoming releases, including Germany’s unemployment data, Switzerland’s Purchasing Managers’ Index for December, a crucial report on US jobs, and the minutes from the Federal Reserve’s monetary policy meeting held in December.

Maersk shares rose by 4.2 percent after Goldman Sachs upgraded its recommendation for the shipping company’s stock to “neutral” from “sell.” The upgrade was based on anticipated increases in shipping fees due to disruptions in the Red Sea region.

Shares of the French information technology company Atos also experienced a 3.1 percent jump following plans to engage in technical talks with Airbus regarding the potential sale of its significant data and security unit.

However, ASML, a manufacturer of computer chip equipment, saw its shares decline by 1.3 percent for the second consecutive day. This followed the Dutch government’s partial cancellation of an export license for some shipments to China.