Europe open: Shares tread water ahead of ECB, Swiss rate calls

European shares were flat at the open as traders eyed interest rate moves from the European Central Bank and Switzerland.

The pan-regional Stoxx 600 index barely moved the needle to be steady at 520 points. Shares on Wall Street were boosted by a record finish for the tech-heavy Nasdaq, which passed 20,000 points for the first time overnight.

Positive trading was also recorded in Asia. The EuroSTOXX50 benchmark index for the eurozone was up 0.21% to 4,969 amid expectations that the ECB will cut rates by 25 basis points. The bank is also scheduled to release its quarterly macroeconomic projections on growth and inflation.

In equity news, shares in Sopra Steria fell sharply at the open as the French IT company prepared to unveil financial targets at its annual investor day.

Lonza stock gained as the Swiss pharma multinational said it planned to exit the capsules and health ingredients business, as it faced a decline in post-Covid pandemic demand for pharmaceutical supplies that had surged during the crisis.

Pirelli shares gained after a report in the Il Messaggero daily stated Camfin, the tiremaker's second-largest shareholder was planning to lift its holding to just under 30%.

Reporting by Frank Prenesti for Sharecast.com