European equities held largely steady despite mixed sector performance, but Siemens weighed on the broader market after posting earnings that fell short of estimates. Traders noted cautious sentiment ahead of upcoming US inflation and unemployment data, which could influence global risk positioning. Siemens’ softer margins and slower-than-expected order intake pressured industrial indices, limiting gains in banking and energy stocks. Analysts said investors are taking a conservative approach ahead of macro announcements while selectively rotating into defensives.