LONDON — European stock markets shed early gains Wednesday as investors assess economic data from Spain and Germany.
The pan-European Stoxx 600 index pared early gains with a 0.4% drop. Sectors were spread across positive and negative territory, with banks up 0.4%, while utilities plummeted 2.2%.
Spain reported flash inflation up 2.6% year on year for August, in line with analyst expectations, while Germany reported a 13.2% drop in imports for the year to July, the sharpest drop since January 1987.
Markets closed higher Tuesday, tracking global counterparts as investors look ahead to a fresh round of economic data this week.
U.S. stocks were bolstered by tech gains on the back of chipmaker Nvidia
announcing a partnership with Google.
Across the Atlantic, euro zone bond yields declined Tuesday following weak economic data out of the U.S., which supported expectations that the Federal Reserve may pause future interest rate hikes.
U.S. stock futures were flat Tuesday night after another positive session, marking the latest leg in an end-of-month rally as investors try to mitigate August’s losses. Asia-Pacific markets are set to mostly rise.
