European stocks markets have remained largely flat as investors digested a rise in British unemployment and downbeat housing data from the winter-struck US.
In London, the benchmark FTSE 100 index ended virtually unchanged at 6,796.71 points.
Frankfurt's DAX 30 also trod water ending at 9,660.05 points, while the CAC 40 in Paris climbed 0.24 per cent to 4,341.10 points.
Investors "lacked appetite" amid "low volumes and little traction from the corporate results season", said analyst Mikael Jacoby of Oddo Securities in Paris.
Britain's jobless rate firmed to 7.2 per cent in the quarter to December, official data showed, easing pressure on the Bank of England to raise interest rates.
The bank faces intense pressure from financial markets to begin raising its main interest rate from a record low-level of 0.50 per cent as Britain's economic recovery picks up speed.
With markets pricing in future rate rises, sterling recently shot up to three-year highs against the dollar, though movement Wednesday was more subdued.
The European single currency fell to 82.32 British pence from 82.46 pence on Tuesday.
The pound rose to $1.6716 from $1.6680.
The euro gained to $1.3761 from $1.3756 late in New York on Tuesday.
On the London Bullion Market, the price of gold dipped to $1,320.50 an ounce from $1,320.75 on Tuesday.
The ruble meanwhile plunged further, hitting yet another record low value against the euro.
US stocks on Wednesday mostly rose despite data showing an unexpectedly big decline in new home construction and building permits in January.
In midday trade, the Dow Jones Industrial Average rose 0.36 per cent to 16,188.01.
The broad-based S&P 500 gained 0.18 per cent to 1,844.06, while the tech-rich Nasdaq Composite Index lost just 0.03 per cent at 4,271.50.
Housing starts in the US sank 16.0 per cent from December to a seasonally adjusted annual rate of 880,000, the Commerce Department said, well below analyst forecasts of 963,000.
Building permits dropped 5.4 per cent to 937,000, below the 980,000 forecast.
Analysts have somewhat downplayed economic data for December and January, believing that unusually cold weather in much of the US has depressed economic activity.
"From our vantage point, we think the housing starts report suggests weather did have some undue impact, but that the weakness was not all weather-related," said Briefing.com analyst Patrick O'Hare.
Later on Wednesday, investors will also look to minutes from the Fed's last meeting as well as US housing start figures for January.
"It will be interesting to see if there was any discussion to accelerate or slow the pace of tapering" stimulus, National Australia Bank said in a note, referring to the minutes.
In company news, all eyes were on stricken Peugeot Citroen after it handed part-control to Chinese firm Dongfeng and the French state to win a new lease of life.
The shareholder tie-ups end the 200-year-old grip of the Peugeot family dynasty, but will raise at least 3.0 billion euros ($A4.6 billion) for Peugeot Citroen.
The company, the biggest auto group in France with about 90,000 employees, desperately needs new capital to climb away from near disaster and develop innovative hybrid engine technology.
Shares in the group jumped by 7.88 per cent initially, but then showed a loss of 1.52 per cent to 12.31 euros.
