(Reuters) – European shares were little changed on Thursday as investors refrained from making large bets ahead of crucial global economic data and French elections later in the week, while H&M slid after missing quarterly profit estimates.
The pan-European STOXX 600 held steady at 514.65 points as of 0710 GMT.
The retail sub-index dropped 2.2%, mainly as H&M, the world’s second-biggest fashion retailer, slid 12.5% after it missed quarterly earnings forecasts and predicted a drop in June sales.
Basic resources slipped 0.6%, with Anglo American down 1.6% after brokerage Berenberg cut its rating on the miner’s stock to “sell” from “hold”.
On the bright side, real estate gained 0.3% early on, with Unibail-Rodamco-Westfield up 1% after at least two brokerages upgraded their rating on the stock.
Britain’s Serco Group jumped 4.5% after the outsourcing company raised its annual profit forecast.
The focus, though, remains on the key U.S. inflation (PCE) reading, due on Friday, which could play a key role in gauging the Federal Reserve’s interest rate outlook.
Consumer price data from France, Spain and Italy are also due this week.
The first round of French parliamentary elections over the weekend will also be on investors’ radar.
(Reporting by Shashwat Chauhan in Bengaluru and Jesus Calero in Gdansk)
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