(Bloomberg) -- European stocks were steady as traders processed the latest corporate updates and looked forward to this week’s Federal Reserve interest-rate decision and other key US data. Royal Philips NV soared by the most on record after a lower-than-expected settlement on US claims over faulty sleep therapy devices.

The Stoxx 600 Index edged 0.1% higher by the close, with basic resources and real estate outperforming and retailers trailing the pan-European benchmark. 

Philips jumped as much as 47% after the company set aside €982 million ($1.1 billion) to help settle US claims linked to a recall of sleep apnea medical devices, much lower than what analysts had projected. Deutsche Bank AG slid as much as 9.5% after the German lender said it was setting aside up to €1.3 billion in legal provisions, leading analysts to review their assumptions of a second-half share buyback. 

Atos SE surged after the group said it got a non-binding letter of intent from the French state to acquire operations including the company’s supercomputer and cyber products businesses.

As doubts grow about rate cuts from the Fed this year, some equity investors believe stronger global economic growth can keep driving indexes higher, so long as stagflation doesn’t take hold. The overall economic backdrop is seen as improving, notably with healthy earnings from companies leading to a strong bounce in European shares. The region’s equity benchmark recorded its strongest week since January on Friday.

“The market has shown signs of strength at the end of last week,” said Andrea Tueni, head of sales trading at Saxo Banque France, noting strong results from US big tech. 

Tueni said investors would turn their focus to upcoming US jobs data and the Fed, which is now expected to take a cautious approach toward easing due to stubborn inflation.  

“The market has already repriced the Fed so unless there is a big surprise, calm could prevail,” Tueni said.

For more on equity markets:

• Economic Growth Can Fuel Equities Just Like in 90s: Taking Stock
• M&A Watch Europe: Atos, MorphoSys, BHP, Hipgnosis, Deutsche Bank
• S&P 500 Extends Advance After Best Week of 2024; Tesla Rallies

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--With assistance from Allegra Catelli.

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