At 0835 GMT, the benchmark Stoxx Europe 600 index was flat at 256.02. London's FTSE 100 was up 0.2% at 5764.33, Paris's CAC-40 was 0.2% higher at 3330.82 and Frankfurt's DAX was up 0.4% at 6446.94.
Market participants had expected the European technology sector to be on the front foot, after Apple reported its best quarter ever for revenue, earnings and iPhone sales after the close Tuesday. But Ericsson's fourth-quarter results poured cold water over the sector. Ericsson shares tumbled 14% after the company reported a sharp fall in fourth-quarter net profit, citing weak sales of mobile networks due to increased operator cautiousness. Peer Alcatel-Lucent's shares followed suit, dropping 8.8%, and the Stoxx Europe 600 technology index fell 2.5%.
At the same time, traders noted ongoing caution amid unresolved Greek debt negotiations and ahead of tonight's Federal Open Market Committee rate announcement.
In data releases, the German Ifo survey is due at 0900 GMT, while the preliminary release of fourth-quarter U.K. gross domestic product is at 0930 GMT. Traders will also eye German and Italian debt auctions.
The German Ifo is likely to have risen a touch to 107.5 in January, from 107.2 in December, said Newedge. "Given the solid upswing registered by the German preliminary PMIs [purchasing managers index] in January, we cannot rule out an upward surprise in today's Ifo report," it said.
As far the FOMC is concerned, "the decision will be an exercise in greater transparency by the Fed," said Rabobank. "Hints about further near-term QE are likely to remain absent in the face of the recent pick-up in economic activity, but the statement is likely to contain a more explicit pledge to keep the federal funds rate at exceptionally low levels conditional on economic circumstances, instead of on a specific calendar date," it added. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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