European shares hover near 3-month highs ahead of PMI data

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European shares hover near 3-month highs ahead of PMI data © Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 22, 2022. REUTERS/Staff

(Reuters) – European stocks hovered near three-month highs on Wednesday, as rallying commodity shares offset weakness in Credit Suisse following its profit warning, with investors awaiting business activity data for clues on the health of the euro zone economy.

The Europe-wide index was flat by 0805 GMT, after hitting its strongest level since late-August in the previous session. Oil & gas and mining stocks extended gains for a second session, and were up 0.9% each.

U.S. stock futures were steady as investors eyed the Federal Reserve’s November meeting minutes, which could offer fresh clues on the path of interest rates.

The European Central Bank will release its own meeting minutes on Thursday.

S&P Global (NYSE:)’s November flash PMIs for the euro zone and UK were also on investors’ radar, with the numbers expected to signal a further contraction in business activity.

Credit Suisse fell 4.2% after the embattled Swiss lender said it expects to make a pre tax loss of up to 1.5 billion Swiss francs ($1.58 billion) for the fourth quarter.

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