European shares little changed after Draghi comments

European shares were little changed on Tuesday, following the sharp gains recorded on Monday after ECB President Mario Draghi signaled the bank is ready to use quantitative easing measures.

STOXX EUROPE 600 climbed more than 1 percent yesterday after Draghi said the bank was prepared to use all available instruments if inflation continued to drift away from the bank’s target.

Eyes will focus euro area CPI estimate for the year through August, where analysts predict to see further drop to 0.3 percent from the previous of 0.4 percent.

Equities failed to continue the rally today amid the absence of economic data from Europe.

Later in the day, the attention will shift to U.S. durable goods for July, which will be followed by consumer confidence for August.

As of 06:45 EST, STOXX EUROPE 600 soared 0.12% to record 340.87 points. Financials led the advance with a rise of 0.41%, followed by Consumer Discretionary which recorded 0.27% rise. 

The highest shares were for Cairn Energy as it advanced 3.56% to 189.00 GBP, while the biggest drop was recorded by Telecity Group as its shares plummeted 6.04% to 715.50 GBP.

Looking at other the major European indices, the French CAC index edged up 0.25% to 4352.99 levels and Germany`s DAX index slipped 0.17% to 9493.81 points. Britain`s FTSE 100 index recorded 0.30% advance to 6795.37 points.