2017.03.3006:33:00UTC+00European Markets Steady as Investors Focus on Brexit, Fed Rate Hikes

European stocks were flat as investors assessed the effects of Britain formally starting the process of withdrawing from the European Union as well as the path of Federal Reserve interest-rate hike this year. The pan-European STOXX 600 was 0.1 percent higher.

The regional benchmark has gained 2.3 percent in the month, the best advance for March since 2010. It increased by 0.3 percent at Wednesday's close, with oil prices extending gains.

The U.K.'s FTSE 100 index climbed 0.1 percent to 7,379.17 while the pound traded at $1.2413. Equipment rental firm Ashtead Group led advances on the FTSE 100, adding 3.5 percent, followed by Coca Cola HBC which rose 1.8 percent. According to Citigroup equity strategists, London's FTSE 100 index will gain another 8.5 percent by mid-208, with the upside propelled by an earnings increase and a narrowing gap between equity and credit yields.

Retail stocks were among the best-performers, as Hennes & Mauritz rose by nearly 3.6 percent after first quarter earnings beat forecasts, while shares of oil companies climbed for the third day. Shares of Saipem climbed 1.9 percent after the Italian energy company announced that it has returned to the bond market with oil prices starting to recover.