European stocks decline before important economic data

European stocks fell on Tuesday, as losses in technology companies outweighed gains in consumer staples stocks, ahead of important economic data for the euro zone scheduled to be released later on Tuesday.

According to Reuters, the European STOXX 600 index fell 0.1% by 8:24 GMT due to selling in shares of technology companies.

Investors are looking forward to euro zone data for the fourth quarter on wages and labor costs, and to a survey conducted by the German economic research institute ZEDW on economic sentiment for the month of March. All this data is scheduled to be released at 1000 GMT.

However, the greatest focus remains on the Federal Reserve (US central bank) decision regarding monetary policy, which will be announced on Wednesday. The US central bank is widely expected to hold interest rates. Attention will be drawn to the bank’s economic forecasts and its estimates of the number of times it will cut interest rates this year.

Hemnet Real Estate Platform shares rose 5.5% to the top of the STOXX 600 index after Jefferies raised its rating on the company’s stock, while Hello Fresh shares fell 4.4% to the bottom of the index after Barclays Bank lowered the German company’s rating.

Unilever shares increased 5% after the consumer goods group announced its intention to separate its ice cream unit to become an independent company and revealed a new cost-cutting program that would eliminate 7,500 jobs.