(Reuters) – European shares were subdued in early trading on Wednesday, as cautious investors held out from making big bets while awaiting clarity ahead of a fresh round of U.S. tariffs set to take effect next week.
The pan-European STOXX 600 index was about flat, as of 0809 GMT.
Energy stocks firmed about 0.8% as oil prices touched a three-week high. Defensive sectors including healthcare and telecom were in a weak spot.
Shares of MFE-MediaForEurope rose 1% after Reuters reported, citing three sources with knowledge of the matter, that the TV group controlled by Italy’s Berlusconi family has called for a board meeting to review a possible bid for German peer ProSiebenSat.1. ProSieben shares firmed 3.9%.
Meanwhile, latest data showed French consumer confidence unexpectedly fell in March. France’s CAC 40 index was about flat.
However, the STOXX 600 index is on track for its best quarter in two years, helped by hopes that a historic Germany fiscal package would spur growth in the region’s largest economy.
Earlier this week, global risk sentiment improved as U.S. President Donald Trump signalled a more measured approach to trade policy ahead of the April 2 deadline, when sweeping reciprocal tariff plans are set to take effect.
(Reporting by Medha Singh in Bengaluru; Editing by Rashmi Aich)
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