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Nov 21 Reuters European shares were subdued on Tuesday as declines in telecom and energy stocks offset gains in materials, while investors awaited minutes from the Federal Reserve39;s latest meeting to support bets that policymakers are done with interest rate hikes.

The panEuropean STOXX 600 was little changed by 0920 GMT.

Minutes from the Fed39;s latest policy meeting, where it held rates steady, are due at 1900 GMT 2 p.m. ET.

The theme permeating the market is the Fed39;s battle with inflation has been won and that despite what the likes of Powell and his colleagues might be saying about another hike still being on the table, market does not really believe that message anymore, said Stuart Cole, head macro economist at Equiti Capital.

Meanwhile, European Central Bank ECB officials have actively tried to shoot down growing bets of rate cuts amid data signalling a sustained fall in inflation and a likely recession.

ECB policymaker Francois Villeroy de Galhau argued rates will likely remain unchanged for the next few quarters, a day after Pablo Hernandez de Cos noted it was premature to talk about rate cuts. Euro zone sovereign bond investors were on hold on Tuesday.

Telecom stocks lost 0.4, while energy shed 0.5,…