European shares steady as markets pause after rally
- The pan-European STOXX 600 was down 0.2% at 572.97 points
European shares were muted on Thursday, after three consecutive sessions of gains on rising hopes of a Federal Reserve interest rate cut next month, while Puma shares surged after a report of takeover interest.
The pan-European STOXX 600 was down 0.2% at 572.97 points by 0806 GMT.
The index is trading around one-week highs. Major regional bourses were flat to lower.
London’s FTSE 100 fell 0.2% a day after the autumn budget was announced.
Germany’s DAX was flat. Puma surged 13% after a Bloomberg News report said Chinese sportswear maker Anta Sports Products is among the firms exploring a potential takeover of the German sportswear retailer.
European markets took a breather on Thursday, after rallying in the last three sessions, as investors drew comfort from some Fed officials advocating for a rate cut next month, supported by economic data pointing to weakness in the economy.
Progress on a Russia-Ukraine peace deal also contributed to the upbeat sentiment so far this week.
Markets in the US are closed for the Thanksgiving holiday, and will trade for a shorter session on Friday.
Minutes from the European Central Bank’s previous meeting will also be in focus on the day.
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