ING jumps on new share buyback, strong Q1
Novo Nordisk slides as obesity drug concerns weigh
EZ factory activity took turn for the worse in April PMI

May 2 Reuters European shares flitted in a tight range on Thursday, after falling to a oneweek low in early trade, as investors returned from a midweek holiday to gauge a slew of earnings and the Federal Reserve signalling a delay in interest rate cuts.

The panEuropean STOXX 600 held its ground at 503.55, as of 0830 GMT, after logging its first monthly decline this year in April.

Market sentiment has come under pressure as investors navigated through risks surrounding the Middle East geopolitical conflict, the European Central Bank39;s policy outlook beyond June, and the corporate earnings season.

European equities were closed on Wednesday due to Labour Day holiday, a day that saw the U.S. Fed signal rates would stay higher for longer owing to recent disappointing inflation readings.

The latest official stance supports the notion that there will be a delay in the timing of the first rate cut, but not a pivot back to tightening … Our basecase is for a total of 75 bps of cuts this year, OCBC strategists wrote.

As for domestic monetary policy, Spanish policymaker Pablo Hernandez de Cos noted the ECB is growing increasingly confident that euro zone inflation can drop to 2 target by mid 2025 after a choppy few months between now and then.

Energy stocks dropped 1 to a near onemonth low. World39;s largest wind…