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European shares tick lower ahead of key economic data
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European shares tick lower ahead of key economic data
Mar 19, 2024 2:05 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

March 19 (Reuters) - European stocks were subdued on

Tuesday as losses in technology shares offset gains in consumer

staple stocks ahead of key euro zone economic data due later in

the day.

The pan-European STOXX 600 index was down 0.1% by

8:24 GMT, led by a 0.6% selloff in technology shares.

Investors will look 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 main focus remains on the U.S. Federal

Reserve's monetary policy decision on Wednesday, where the

central bank is widely expected to hold interest rates. All eyes

will be on its economic projections and how many rate cuts it

estimates for the year.

Property platform Hemnet rose 5.5% to the top of

STOXX 600 after Jefferies raised its rating on the company's

shares, while HelloFresh dropped 4.4% to the bottom of

the index after Barclays downgraded the German meal-kit maker.

Unilever ( UL ) rose 5% after the consumer goods group

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.

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