European stocks steady, basic resources sector up

European stocks were little changed on Wednesday as investors awaited the minutes of the Federal Reserve’s July meeting for further clues on the path of US interest rates, while basic resources kept the index steady.

The pan-European STOXX 600 index was at 512.74 points by 0711 GMT, having ended a five-day winning streak in the previous session.

All European bourses opened flat before rising slightly, between 0.1 and 0.2 percent, according to Reuters.

The basic resources sector rose 1.2 percent after Shanghai aluminium futures hit a five-week high, supported by tight supplies of raw materials.

With no data due from Europe on Wednesday, investors were awaiting the minutes of the US central bank’s meeting due later in the day.

Initial revisions to US jobs data are also due later in the day, and are expected to show a decline in the data.

Shares of Foust Alpine rose 3.8% to the top of the European benchmark index after Morgan Stanley upgraded the stock. Alcon fell 2.2% after the Swiss eye care company reported a smaller-than-expected rise in second-quarter sales.