European stocks hover near 3-month highs ahead of PMI data by Reuters

© Reuters. FILE PHOTO: A chart of the German stock price index DAX is pictured at the Frankfurt Stock Exchange, Germany, November 22, 2022. REUTERS/Staff

(Reuters) – European shares hovered near three-month highs on Wednesday, as a rally in commodity stocks offset weakness in Credit Suisse after its profit warning, with investors awaiting business activity data for clues to the health of the euro zone economy.

The index was flat across Europe at 0805 GMT, after hitting its highest level since late August in the previous session. Oil, gas and mining stocks extended gains for the second session, rising 0.9% each.

US stock futures were flat as investors await minutes from the Federal Reserve’s November meeting, which could provide fresh clues to the path of interest rates.

The European Central Bank will release its meeting minutes on Thursday.

S&P Global’s (NYSE:) flash PMIs for November for the Eurozone and the UK were also on investors’ radar, with numbers expected to point to a further contraction in business activity.

Credit Suisse fell 4.2% after the beleaguered Swiss bank said it expected to incur a tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in the fourth quarter.