U.S. Federal Reserve Chair Jerome Powell testified before Congress on Wednesday and important economic data from the Eurozone, which caused European shares to be restrained in the early hours of the trading day.
However, the index recovered from its losses due to positive results. The pan-European STOXX 600 (.STOXX) index remained flat as of 0809 GMT.
Supported by increased forecasts for U.S. rates to ease by mid-year, gold prices reached a record high in the previous session, sending basic resources (.SXPP), opens new tab, 0.5% higher.
At 1000 GMT, investors will get the retail sales figures for the Eurozone for January. Later in the day, Powell will testify before Congress, and his statement could shed light on the future of interest rate cuts.
A 5% increase in share price followed corporate news that Symrise (SY1G.DE), a German developer of flavours and fragrances, surpassed core profit projections in 2023 after implementing a cost management program.
The wider chemicals (.SX4P) index, which increased by 0.8%, was the sector that led the way for sectoral improvements.
A reduction of 4% was seen in the shares of DHL Group (DHLn.DE), as a result of a prognosis for operating profit in 2024 that was higher than the numbers that were available before the pandemic.
on the other hand, failed to meet the expectations of the market due to a decline in international trade.
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