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Euro zone prelim GDP due at 0900 GMT

July 30 Reuters European shares were muted on Tuesday as investors exercised caution ahead of the Federal Reserve39;s monetary policy meeting and Euro zone inflation data, but gains in technology and oil stocks keep the benchmark afloat.

The panEuropean STOXX 600 index was up 0.1 at 512.44 points by 0830 GMT.

The technology sector rose 0.1 ahead of earnings reports from tech giant Microsoft and chipmaker AMD later on Tuesday.

Globally, tech shares are under pressure after disappointing results from Tesla and Alphabet last week.

Strong results may not spark the same enthusiasm than in the previous quarters if companies don39;t confirm AI39;s positive impact on their revenues, said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.

Among other major events, the Fed is set to begin its twoday policy meeting later in the day, with investors anticipating a rate cut as early as September.

The Fed decision will certainly trigger no fireworks as Chair Jerome Powell will likely hint at an upcoming September rate cut, Ozkardeskaya added.

Eurozone preliminary GDP and consumer confidence data are also due later on Tuesday, along with a slew of inflation readings. Data from Germany showed that the economy unexpectedly shrank by 0.1 in the second quarter compared to forecasts of a 0.1 increase.

The German benchmark DAX ticked slightly lower to 0.2 after the…