European markets were treading water Wednesday, after an unexpected gain in German unemployment caused investor jitters about the pace of recovery in Europe’s largest economy. In May, the number of jobless rose a seasonally adjusted 23,937 to 2.905 million – that compares to an expected drop in the range of 15,000. The German report overshadowed a rise in executive and consumer sentiment in May for the 18-country euro-area as a whole, as well as a rise in the Business Climate Indicator. Shares in Scottish engineering company Weir Group plc and Finnish peer Metso plc retreated, after Weir yanked its sweetened offer valuing the unwilling target at €4.6 billion. German fashion retailer Hugo Boss AG also fell amid a further sell-down by buyout shop Permira, which will nevertheless remain the largest shareholder with a 55.62% stake.