By Shashwat Chauhan

(Reuters) – European shares swung between gains and losses on Wednesday, as rising energy shares countered technology losses, while focus remained on a key U.S. inflation print that could alter market expectations on the Federal Reserve's interest rate path.

The pan-European STOXX 600 index edged up 0.1%, after falling as much as 0.2% earlier in the session. The index, though, hovered near a three-month low hit on Tuesday.

Heavyweight technology stocks, down 0.4%, were among the major sub-sector decliners, while autos also slipped 0.6%.

Energy stocks, however, added 1.4%, while basic resources rose 0.7%.

A U.S. October inflation reading is due at 1330 GMT, which is expected to show headline inflation to rise to 2.6% year-on-year from 2.4% in September.

Traders currently see a 62.4% chance of the Fed cutting interest rates by 25-basis-points in December, compared to a more than 84% chance seen a month ago, as per the CME FedWatch Tool.

Rate expectations have shifted recently as markets continue to price in U.S. President-elect Donald Trump's expected policies of lower taxes and trade tariffs, which are viewed as inflationary.

European shares have come under pressure recently as investors assessed the likelihood of tariff increases after Trump's sweeping victory last week.

"Trump's recent picks for key posts have been hawks who are likely to pursue the 'America first' policy. This is raising concerns over the growth impact in Europe and China," analysts at Jefferies said in a note.

"It is also raising concerns over inflation as tariffs and counter tariffs would likely lead to lower growth and higher inflation."

Bank of France head and European Central Bank member Francois Villeroy de Galhau said that Trump's economic agenda risks returning inflation to the U.S. and hurting economic growth worldwide.

Minutes from the ECB's last policy meeting, where it had cut rates as expected, are scheduled to be released on Thursday.

Among individual movers, Siemens (ETR:SIEGn) Energy jumped 17.5% after the utility sector supplier raised its mid-term margin target and set a new order book record.

RWE (LON:0HA0) advanced 7.7%, after Germany's biggest utility said it would buy back shares worth up to 1.5 billion euros ($1.6 billion).

Just Eat Takeaway soared 22.1% after Europe's biggest meal delivery firm said it struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million.

Air Liquide (OTC:AIQUY) gained 2.2% after Jefferies upgraded the French industrial gasses firm to "Buy" from "Underperform".