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(Sharecast News) - European shares touched record highs on Wednesday but were flat by lunchtime as the Wall Street-inspired rally fizzled out.
After hitting a record high yesterday, the benchmark Stoxx 600 index was down 0.06% to 656 at 0840 BST having touched 660 earlier in the session.
US stock markets closed sharply higher on Tuesday, with both the Dow Jones Industrial Average and S&P 500 finishing at all-time highs on rising hopes of diplomatic progress in the Middle East.
"Hope has been rekindled that a quick solution can be found to the conflict in the Middle East," said AJ Bell head of financial analysis Danni Hewson.
The Dow surged 1.7% to a new closing high of 54,085.88, the S&P 500 jumped 1.8% to a record close of 7,736.52, while the Nasdaq soared 2.6% to 26,584.99, its highest in nearly two months.
Oil prices dropped after US Treasury Secretary Bessent claimed in an interview with CNBC that a final deal between the US and Iran to reopen the Strait of Hormuz could be reached as early as Wednesday.
Subsequent reports of a commercial vessel being struck by a projectile offshore Oman raised fears that obstacles likely still remained between Washington and Tehran.
Brent crude sat just below $80 a barrel, with West Texas Intermediate at around $76.
On the economics front, eurozone business activity strengthened in July, with the bloc's private sector expanding at its fastest pace in eight months, according to data published on Wednesday.
The S&P Global Eurozone Composite PMI rose to 52.0, up from 50.0 in June, signalling a solid improvement in economic momentum at the start of the third quarter.
The rebound was driven largely by services, where the PMI climbed to 51.7 from 49.4, marking a return to growth and a fivemonth high. Firms reported firmer demand, improved client confidence and a pickup in new business, which rose at the quickest rate since last November.
In equity news, Sandoz and Glencore surged after releasing results, while UK retailer Next also jumped after lifting guidance for the second time this fiscal year.
Novo Nordisk fell after results were posted yesterday.
Reporting by Frank Prenesti for Sharecast.com