European stocks steady ahead of US inflation data; geopolitical risks in focus
VGK•European shares hold near record highs
European shares consolidated near record highs on Wednesday, as investors digested corporate earnings reports and awaited U.S. inflation data that could determine the interest rate path amid fresh geopolitical tensions.
The pan-European STOXX 600 .STOXX was little changed at 660.17 points, as of 0837 GMT, near a record high hit on Monday and is up nearly 12% so far this year.
"The rally has continued despite uncertainty over efforts to resolve the U.S.-Iran conflict. Europe is more vulnerable than the U.S. to disruption in global energy markets because of its greater reliance on imported energy," analysts at UBS Global Wealth Management said in a note.
"But even after the market’s strong gains, we believe European equities have further upside potential."
