Both the STOXX 50 and the STOXX 600 hovered around the flatline on Wednesday, taking a breather after a strong rally earlier in the week that pushed both indices to record highs. Investors remained cautious as they awaited further economic data, including Eurozone inflation figures, while also monitoring geopolitical developments in Venezuela and US President Trump’s renewed threat to annex Greenland. Oil stocks came under pressure, tracking a decline in crude prices after President Trump said Venezuela would relinquish up to 50 million barrels of oil to the US. Shares in Shell (-2%), BP (-2.3%), TotalEnergies (-1.8%), Equinor (-4%), Eni (-1.8%) and Repsol (-2%) were all lower. The luxury sector also traded in the red, with LVMH (-1.1%), Hermes (-0.3%) and Richemont (-0.9%) posting losses. Meanwhile, Nestle fell 1.3% after announcing a voluntary recall of certain infant formula products due to potential contamination concerns. On the upside, SAP gained 1.7% and Siemens rose 2.3%.