European stocks showed signs of stabilization on Tuesday, following a 1% increase in the previous session, as investors sift through a mixed bag of economic data ahead of the anticipated interest rate cuts by the European Central Bank later this week. The European Stoxx 600 index settled at 510.40 points by 0715 GMT.
AstraZeneca emerged as the biggest loser within the index, experiencing a 5% decline after detailed study results revealed that its experimental lung cancer treatment did not significantly improve overall patient survival rates. Consequently, healthcare stocks fell by 1%.
The German DAX index saw a slight decrease of 0.1% after reports indicated that inflation in the country eased to 2% in August. Meanwhile, labor data from the UK highlighted a 5.1% year-on-year increase in average weekly earnings, excluding bonuses, for the three months ending in late July. The Financial Times 100 index dropped by 0.2%.
On the positive side, the index was bolstered by gains in technology stocks. Shares of Capgemini surged by 4.1%, while SABB shares rose by 0.8%, driven by impressive earnings reported by Oracle. In contrast, shares of hearing aid manufacturer Amplevon fell by 5% after Apple announced that its new AirPods could assist with hearing.
