Europe Stocks Little Changed as Investors Wait for Fed Comments
(Bloomberg) -- European stocks were little changed as investors awaited fresh insight on the path of U.S. interest-rate increases and assessed the impact of a downgrade of China’s credit rating.
The Stoxx Europe 600 Index was little changed at the close. Real estate shares were among the best-performing sectors as Vonovia SE raised its full-year forecast for funds from operations. Travel and leisure stocks advanced the most in two weeks. Carmakers slid. The Stoxx 600 climbed 0.2 percent Tuesday as stronger economic data from Germany and France helped lift the shares of cyclical companies.
- Moody’s Investors Service cut its rating on China’s debt, saying the outlook for its financial strength will worsen.
- OPEC and its allies were close to an agreement to extend oil-production cuts for another nine months as the countries seek to prop up prices and revive their economies.
- Investors are focusing on the U.S., as the Federal Reserve is due to release minutes from its most recent meeting, potentially offering more clues on the pace of potential interest-rate increases.
- Travel and leisure stocks are up 12 percent this year in the fourth-best performance among industry groups