European shares weighed down by disappointing corporate updates

(Reuters) – European stocks eased further from multi-week highs on Wednesday after a series of downbeat corporate updates and as investors awaited U.S. inflation data.

The pan-European index had slipped 0.2% by 0811 GMT, dipping for a second day after touching a seven-week closing high on Monday.

Asian stocks also took a breather ahead of a U.S. inflation reading that is expected to leave the Federal Reserve on course to cut rates again. The odds of a 25 basis point cut next week are at 85%, per CME’s FedWatch tool.

Zara owner Inditex (BME:) slid more than 6% after the world’s biggest listed fast-fashion retailer posted a rare miss on third-quarter sales.

German energy group Siemens (ETR:) Energy dropped 5% after U.S. rival GE Vernova’s CEO said he was cautious about the outlook for the struggling wind sector.

Adidas AG (ETR:) dipped 1.5% after authorities raided its headquarters in Germany as part of a years-long tax investigation.

On the flip side, About You soared 65% after German online retailer Zalando said it would acquire the fashion group in a 1.1 billion euros ($1.2 billion) deal. Zalando, however, tumbled about 10%.