European stocks were steady at the start of trading today after recording the biggest weekly jump in three months, as investors await another week full of data, with focus on a speech by Federal Reserve Chairman Jerome Powell (the US central bank) for signs of a path to reduce interest rates.
The European Stoxx 600 index was steady at 511.38 points after recording its best weekly performance since May 6 of this year last Friday.
Defense stocks led the losses, with Rheinmetall, BAE Systems, Saab AB, Thales, Leonardo and Dassault Aviation falling between 1.4 and 4.3 percent.
Shares of French power cable supplier Nexans also fell 3.8 percent.
Investors are awaiting PMI data from France, Germany, Britain and the euro zone, as well as PMI data and the number of people applying for unemployment benefits for the first time in the United States, due later this week.
But the main focus will be on the central bankers’ meeting where Powell is expected to speak on Friday and is likely to provide some indication of the path the Fed will take on monetary policy.