European equities were little changed on Thursday as investors paused following three straight days of gains fuelled by growing expectations that the U.S. Federal Reserve could lower interest rates next month. Puma shares, however, outperformed sharply after reports of potential takeover interest.

By 0806 GMT, the pan-European STOXX 600 had slipped 0.2% to 572.97, still hovering near its highest level in a week. Most major regional indices were flat to slightly weaker, with London’s FTSE 100 down 0.2% the day after the UK’s autumn budget announcement, while Germany’s DAX traded unchanged.

Puma (TG:PUM) jumped 13% after Bloomberg News reported that China’s Anta Sports Products is among the companies examining a possible acquisition of the German sportswear maker.

The broader market tone was calmer following a strong run earlier in the week, buoyed by comments from several Federal Reserve officials signalling support for a potential rate cut and by economic indicators showing signs of cooling in the U.S. economy. Hopes for progress on a Russia–Ukraine peace deal also helped support sentiment in recent sessions.

U.S. markets are shut for the Thanksgiving holiday and will reopen for a shortened trading session on Friday. Investors in Europe are also awaiting the release of minutes from the European Central Bank’s latest meeting, which are set to be closely watched for policy clues.

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