European shares hold ground as AstraZeneca drags, tech shares rise

European shares were flat on Tuesday, after a 1% jump in the previous session, as investors parsed through a mixed set of economic data while awaiting a widely expected ECB rate cut later in the week.

The pan-European STOXX 600 index was holding its ground at 510.40 points at 0715 GMT.

AstraZeneca was the biggest drag, sliding 5% after detailed study results showed its experimental lung cancer drug did not significantly improve patients' overall survival results.


The healthcare sector also lost 1%.

Germany's DAX ticked 0.1% lower after data showed the country's inflation slowed to 2% in August.

Elsewhere, British labour data showed average weekly earnings, excluding bonuses, were 5.1% higher than a year earlier in the three months to the end of July.

It's benchmark FTSE 100 was down 0.2%.

The STOXX was supported by gains in technology companies. Capgemini and SAP SE gained 4.1% and 0.8%, respectively, after Oracle's upbeat results.

Hearing aid maker Amplifon dropped 5% after Apple said its new Airpods can work as hearing aids. (Reporting by Pranav Kashyap in Bengaluru; Editing by Savio D'Souza)