European shares were little changed on Tuesday as investors digested disappointing data from China and looked for progress in the U.S. debt ceiling talks.
Meanwhile, Eurostat data showed the euro zone economy grew marginally in the first quarter, matching preliminary estimates.
The euro zone economy grew by 0.1 percent in the quarter in the three months to March of 2023.
Elsewhere, the German ZEW headline number showed that the economic sentiment index deteriorated sharply to -10.7 in May from 4.1 in April.
The U.K.’s jobless rate came in higher than expected in the three months to March, reducing concerns over more interest rate hikes from the Bank of England.
Data from the Office for National Statistics showed that the unemployment rate rose to 3.9 percent in the three months to March from 3.8 percent in the preceding period. The rate was forecast to remain unchanged at 3.8 percent.
The pan European STOXX 600 was marginally lower at 466.47, giving up early gains. The German DAX edged up 0.1 percent, while France’s CAC 40 and the U.K.’s FTSE 100 were little changed.
Telecom Italia declined 1.7 percent on a Bloomberg report that Italy’s state lender Cassa Depositi e Prestiti will drop its 19.3 billion euros ($21 billion) offer for the company’s landline network.
Swedish game developer Embracer Group plunged nearly 16 percent after lowering its full-year adjusted EBIT forecast.
British telecom giant Vodafone slumped 4 percent after its new boss Margherita Della Valle said she would cut 11,000 jobs over the next three years. The company also warned of a 1.5 billion euro decline in free cash flow this year.
Imperial Brands fell about 1 percent after the cigarette maker said it is on track to meet its full-year guidance.
Drinks group Britvic gained 1 percent after reporting a rise in first-half pre-tax profit on strong sales.
Land Securities rallied 2.7 percent. After posting an annual loss, the landlord said it is seeing buoyant consumer demand.
French construction-to-telecoms conglomerate Bouygues fell 2.5 percent after reporting a slightly wider first-quarter net loss.
Infineon rallied 1.8 percent after the German semiconductor company bought Stockholm-based startup Imagimob AB for an undisclosed sum.
Hornbach Holding plummeted over 7 percent after saying it expects sales to remain more or less flat in 2023/24.
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