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In early trading on Wednesday, European stocks stabilized, with positive gains offsetting losses, ahead of the release of key economic data for the euro zone and Federal Reserve Chairman Jerome Powell’s testimony before Congress.
The European STOXX 600 index remained steady at 0809 GMT, showing signs of stability.
The basic resources index saw a 0.5 percent increase, buoyed by record-high gold prices amid growing expectations of a mid-year interest rate cut in the United States.
Investors are eagerly awaiting the release of January retail sales data for the euro zone at 1000 GMT, as well as Powell’s testimony later in the day, which could offer insights into the trajectory of interest rates.
In corporate news, Symrise exceeded core earnings expectations for 2023, driven by the implementation of a cost management program. The German flavor and fragrance maker’s stock surged by five percent, contributing to a 0.8 percent rise in the chemicals sector.
However, DHL Group shares fell by four percent after the German logistics company projected that its operating profits for 2024 would surpass pre-pandemic levels, but fell short of market traders’ expectations due to weak global trade sentiment.
