European equities begin flat Wednesday, ahead of the publication of Eurozone services activity data, with risk sentiment remaining shaky.

European equities begin flat Wednesday, ahead of the publication of Eurozone services activity data, with risk sentiment remaining shaky.

As a long weekend looms, trading ranges in Europe are anticipated to be limited, with investors concerned about the prospect of recessions on both of the continents.

In the United States, the JOLTS data released on Tuesday revealed that job opportunities fell to their lowest level in nearly two years in February. This came as statistics showed that the US industrial sector contracted more in March.

Meanwhile in Europe, there has been a few hopeful economic indications, but Monday's manufacturing activity statistics revealed that firms throughout the eurozone struggled last month, with households feeling the strain from increased living expenses.

While the Fed may suspend its rate-hiking cycle next month, the ECB is largely expected to raise interest rates by a whopping 50 basis points in May to combat increasing underlying inflation.

The Reserve Bank of New Zealand made such a step earlier Wednesday, boosting interest rates by 50 basis points, which was more than expected, citing high inflation.

The publication of the final Eurozone purchasing managers' index data for the services sector in March, which is expected to indicate ongoing expansion, will be the major focus on Wednesday.

Oil prices increased on Wednesday, as industry data showed a drop in US oil stocks, extending a rise sparked by the weekend's unexpected OPEC+ supply reduction.

According to the American Petroleum Institute, crude oil stockpiles in the United States dropped by roughly 4.3 million barrels in the week ending March 31st, indicating some improvement in demand.

Later in the session, the US EIA will provide its official weekly report.

(Investing.com, Reuters.com)