LONDON ( The Deal) -- European markets were relatively quiet Wednesday after Tuesday's strong performance.
Germany's DAX index was back down below the 10,000 mark which it breached for the second time this year on Tuesday, but still above last night's close, while London and at times Paris were back in negative territory. But other bourses, such as Spain and Italy, seemed more buoyant, boosted by better-than-expected purchasing managers index outcomes in the retail sector. These were at odds with the wider picture of a stalled recovery in the eurozone, however.
Must Read: 10 Stocks Billionaire John Paulson Loves in 2014
London was waiting for the so-called Autumn Statement, due to begin at midday, when the Chancellor of Exchequer sets out the financial position of the country and offers a few policy nuggets designed to stimulate the economy -- and win votes in next year's general election. Eurozone markets, meanwhile, are holding back ahead of Thursday's European Central Bank meeting. There's increasing hope that ECB Chief Mario Draghi will announce the start of quantitative easing to help kick-start the eurozone economy.
The biggest mover in London was accounting and management software provider Sage Group (SGPYY) , which announced strong results on Wednesday. The small- and medium-sized business focused company was up 4.07% at 419.6 pence.
TeliaSonera (TLSNY) and its Norwegian counterpart Telenor (TELNY) announced a joint venture for their Danish operations. They said the merged company will have a combined subscriber base of about 3.5 million and a mobile subscriber market share of 40%.