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May 13 Reuters Europe39;s STOXX 600 struggled for direction on Monday, as investors geared up for this week39;s key U.S. inflation prints and a slew of economic data from the euro zone that could test the benchmark index39;s recordbreaking run.

The panEuropean STOXX 600 was unchanged as of 0820 GMT. Automobiles led sectoral gains after recent losses, while construction and materials was the worst hit.

The benchmark index hit a record high on Friday, logging its biggest weekly gain of 3 since late January, underpinned by strong corporate earnings. The STOXX 600 regained its momentum midway into May, after geopolitical tensions and monetary policy uncertainties saw it wilt in April.

All eyes will be on the U.S. producer and consumer prices inflation readings, due on Tuesday and Wednesday, which will further set the tone for the Federal Reserve39;s anticipated rate cuts this year.

Back home, euro zone39;s final inflation and flash firstquarter GDP in the latter half of the week will be scrutinized to gauge the interest rate path for the European Central Bank, which has indicated a June cut, flagged uncertainties around policy outlook beyond that, and stressed its independence from the Fed.

There are reasons for the ECB to deliver a 39;hawkish39; cut in June and not send markets a message that rates will be cut…