European stock markets wavered around the flat line on Wednesday as investors remained cautious ahead of European Parliament elections and euro-zone PMIs due later in the week.
The elections kick off on Thursday, when voting begins in the U.K. The last countries vote on Sunday, and the results from all 28 member states should start to be revealed on Sunday night.
The Stoxx Europe 600 index fell 0.1% to 338.03, setting it on track for a third straight day in the red.
More broadly, investors were hesitant of making big moves ahead of elections for the European Parliament. The FTSE 100 index added 0.12%, while France’s CAC 40 index increased 0.08% and Germany’s DAX 30 index rose 0.28%.
Data released showed European Monetary Union Current Account s.a came in at €18.8B below forecasts (€23B) in March. In UK data showed UK retail sales grew 1.3% in April versus 0.5% expected, and 6.9% vs 5.2% YoY.
Posting one of the biggest losses in the benchmark, shares of Wm Morrison Supermarkets PLC dropped 2.2% after Deutsche Bank cut the food retailer to sell from hold. The analysts argued that after a 10% rally over the past two weeks, there aren’t enough strong fundamentals to push the stock higher.
Shares of BNP Paribas SA gave up 1.9% after HSBC cut the French bank to neutral from overweight.
On a more upbeat note, A.P. Moeller-Maersk A/S gained 3.3% after the Danish oil and shipping giant upgraded its full-year outlook after posting a 62% increase in first-quarter profit.
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