European stocks were steady on Tuesday, with defensive sectors in the lead as uncertainty remained on whether Congress will clear a U.S. debt ceiling deal and avert a catastrophic default.
on Monday they would oppose a deal to raise Washington's $31.4 trillion debt ceiling, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week.
"Details of the deal emerging so far point to spending limits on most items other than military and veterans, meaning the US economy will be facing greater restraints to fiscal policy while the Fed pursues a tight monetary policy," said Mark Haefele, chief investment officer at UBS Global Wealth Management.
"We reiterate our view that the US growth is set to slow as the lagged effect of the Fed tightening feeds through the economy." The benchmark STOXX 600 is set to log losses for May despite hitting a more than one-year high earlier in the month as concerns about the global economy and the U.S. debt ceiling debacle overshadowed an upbeat earnings season.
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