European stocks trade steadily; core resources shine By Reuters

(Reuters) – European shares were flat on Wednesday as investors awaited minutes of the Federal Reserve’s July meeting to further gauge policymakers’ mood, while basic resources kept the index afloat.

The pan-European index held steady at 512.74 points by 0711 GMT, having snapped a five-day winning streak in the previous session.

All regional bourses opened flat and then moved slightly higher, rising between 0.1% and 0.2%.

The basic resource gained 1.2 percent after Shanghai aluminum futures rose to a five-week high, supported by tight supplies of the raw material. (MET/L)

With no data coming out of Europe on Wednesday, investors await Fed minutes later in the day, which are expected to reinforce an accommodative stance.

Preliminary revisions to US labor force data are also due later in the day and a major downward revision is expected.

Among individual stocks, Voestalpine topped the European benchmark, gaining 3.8 percent after Morgan Stanley upgraded its rating on the stock to “overweight” from “equal weight.”

Alcon (NYSE: ) lost 2.2% after the Swiss eye care company reported lower-than-expected second-quarter sales growth.

Sonova Holding AG (OTC: ) fell 3.2% after Morgan Stanley downgraded the stock to “underweight” from “equal weight.”