European Shares Standstill Amid Mixed Economic Signals

European shares remained steady on Tuesday after a 1% rise on Monday. Mixed economic data and anticipation of an ECB rate cut influenced market activity. The pan-European STOXX 600 index held at 510.40 points, with AstraZeneca dragging it down and technology stocks providing support.

European shares were largely unchanged on Tuesday, following a 1% increase in the previous session, as investors navigated through mixed economic indicators and awaited an anticipated ECB rate cut later this week.

The pan-European STOXX 600 index held steady at 510.40 points as of 0715 GMT. AstraZeneca was a significant drag, sliding by 5% due to lukewarm results from its experimental lung cancer drug in clinical trials.

The healthcare sector as a whole lost 1%, while Germany's DAX index slipped 0.1% after showing slower inflation rates at 2% for August. In contrast, British labor data revealed a 5.1% year-over-year increase in average weekly earnings, excluding bonuses, over the three months ending in July. This did not prevent FTSE 100 from dropping by 0.2%.

The STOXX 600 was buoyed by gains in technology stocks, with Capgemini and SAP SE climbing by 4.1% and 0.8%, respectively, following positive results from Oracle. However, Amplifon shares fell by 5% after Apple announced its new AirPods could function as hearing aids.

(With inputs from agencies.)