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Unilever ( UL ) to spin off ice cream unit, cut 7,500 jobs
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Atos down as talks with Airbus over BDS unit fall through
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Euro zone Q4 wages data, Germany ZEW surveys due 1000 GMT
(Updated at 9:18 GMT)
By Khushi Singh
March 19 (Reuters) - European stocks inched lower on
Tuesday and were on track for the fourth straight session of
losses, hurt by a decline in technology and financial services
shares, ahead of key euro zone economic data due later in the
day.
The pan-European STOXX 600 index was down 0.1% by
9:18 GMT, following a 0.4% decline in technology shares.
The financial services index lost 0.5%, weighed down
by a 1.6% fall in Partners Group after the Swiss
investment firm reported a flat annual profit.
Oil and gas shares led sectoral gains with a 0.7%
rise.
"The increasing intensity of Ukrainian missile attacks on
Russian oil refineries has put a floor under oil prices ...
negative sentiment towards demand growth, which was keeping a
cap on oil has also loosened," David Morrison, senior market
analyst at Trade Nation, said.
On the data front, investors will keep an eye out for
fourth-quarter euro zone data on wages and labour costs, along
with Germany's ZEW economic sentiment survey for March, all due
for 1000 GMT.
However, the focus remains on the U.S. Federal Reserve's
monetary policy decision on Wednesday, after last week's
hotter-than-expected inflation data prompted traders to reduce
their bets for a June interest rate cut.
The U.S. central bank is widely expected to hold rates, with
all eyes on its economic projections and how many rate cuts it
estimates for the year.
Meanwhile, the European Central Bank looks poised to
initiate the rate-cut cycle in June after a string of
policymakers hinted at such a possibility, including ECB Vice
President Luis de Guindos.
Property platform Hemnet rose 6.0% to the top of
STOXX 600 after Jefferies raised its rating on the stock, while
HelloFresh shares dropped 2.6% after Barclays
downgraded the German meal-kit maker.
Unilever ( UL ) rose 3.8% after the company said it plans
to spin off its ice cream unit into a standalone business, as
the consumer goods group announced a new cost-savings programme
that would cut 7,500 jobs.
Atos shares fell 19.1% after the company said
Airbus had called off discussions about potentially
buying the French software firm's BDS cybersecurity unit.