(fxcue news) - European stocks traded lower on Thursday after two days of gains. Investors awaited more U.S. economic data and comments from Federal Reserve officials for additional clues on whether the Fed is behind the curve on inflation and interest rates. After recent soft monthly payrolls data, weekly jobless claims numbers due later in the day may offer greater clarity on the extent of the U.S. economic downturn and the rate trajectory. Closer home, the European Central Bank can continue lowering interest rates if there is increased confidence among policymakers that inflation is slowing, ECB Governing Council member and Bank of Finland governor Olli Rehn said Wednesday. More rate cuts cannot hurt the fragile economic growth and the subdued investment, especially in industry, Rehn said in a speech in the Finnish city Mikkeli. The pan European STOXX 600 fell 0.9 percent to 491.68 after climbing 1.5 percent on Wednesday. The German DAX dipped half a percent, while France's CAC 40 and the U.K.'s FTSE 100 both were down around 1 percent. Swiss insurer Zurich Insurance fell nearly 3 percent despite reporting market-beating first-half earnings. Sandoz, a generic and biosimilar medicines maker, slumped 4.4 percent after reporting a 36 percent fall in first-half net income. Miners Anglo American, Antofagasta and Glencore fell 1-2 percent in London as iron ore prices dropped below $100 per metric ton in Singapore amid rumors of steel output restrictions in China. Energy giant BP Plc dropped 1.4 percent and Shell was marginally lower. Beazley soared 14 percent after the insurer reported better-than-expected first-half results and upgraded its combined ratio forecast for 2024. Gambling group Entain jumped 8 percent after raising its full-year earnings forecast. Similarly, housing and social care provider Mears Group added 2.7 percent after raising its full-year guidance. Recruiter PageGroup dropped 1 percent as it posted a slump in first-half profit on lower revenue amid "challenging" market conditions. Hikma Pharma climbed more than 7 percent after posting strong half-year results and revising its FY24 guidance. Housebuilder Persimmon added 3.1 percent. The company expects to build at the top end of its previous housebuilding target range in 2024. German insurer Allianz added 1.6 percent after posting better-than-expected second-quarter earnings and affirming full-year targets. Deutsche Telekom rallied 2 percent. The telecom firm raised its free cash flow outlook after reporting in-line Q2 core earnings. Uniper gave up 3 percent. The utility said it has sold sizeable quantities of its future hydropower output as part of a hedging strategy. Industrial technology giant Siemens was little changed in choppy trade after posting better-than-expected quarterly operating profit and confirming its full-year outlook.