Sept 22 (Reuters) – European shares held steady on Monday as losses in automakers offset rising technology stocks, while investors awaited comments from a slew of Federal Reserve officials later in the day.
The pan-European STOXX 600 (.STOXX), opens new tab was flat at 553.9 points by 0707 GMT, with Spanish stocks (.IBEX), opens new tab lagging regional bourses, down 0.9%.
Sign up here.
Germany’s Porsche (P911_p.DE), opens new tab fell 4.7% after the luxury carmaker slashed its 2025 profit outlook as it dialled back plans for its electric vehicle rollout due to weaker demand.
Shares of Porsche-parent Volkswagen , which also cut its 2025 profit outlook, slid 4.5%.
Technology stocks (.SX8P), opens new tab climbed 0.9%, with chipmakers ASML (ASML.AS), opens new tab and ASMI (ASMI.AS), opens new tab advancing 2.9% and 1.9%, respectively.
Fugro (FUGR.AS), opens new tab dropped 11.9% after the Dutch geo-data specialist withdrew its annual forecast, citing “significant changes” in market conditions in recent weeks.
Later in the day, commentary from at least five Fed officials including New York Fed President John Williams and newly appointed Governor Stephen Miran would be on the radar.
Reporting by Shashwat Chauhan in Bengaluru; Editing by Mrigank Dhaniwala