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June 27 (Reuters) - European shares were little changed

on Thursday as investors refrained from making large bets ahead

of crucial global economic data and French elections later in

the week, while H&M slid after missing quarterly profit

estimates.

The pan-European STOXX 600 held steady at 514.65

points as of 0710 GMT.

The retail sub-index dropped 2.2%, mainly as H&M

, the world's second-biggest fashion retailer, slid

12.5% after it missed quarterly earnings forecasts and predicted

a drop in June sales.

Basic resources slipped 0.6%, with Anglo American

down 1.6% after brokerage Berenberg cut its rating on

the miner's stock to "sell" from "hold".

On the bright side, real estate gained 0.3% early

on, with Unibail-Rodamco-Westfield up 1% after at least

two brokerages upgraded their rating on the stock.

Britain's Serco Group ( SECCF ) jumped 4.5% after the

outsourcing company raised its annual profit forecast.

The focus, though, remains on the key U.S. inflation (PCE)

reading, due on Friday, which could play a key role in gauging

the Federal Reserve's interest rate outlook.

Consumer price data from France, Spain and Italy are also

due this week.

The first round of French parliamentary elections over the

weekend will also be on investors' radar.

(Reporting by Shashwat Chauhan in Bengaluru and Jesus Calero in

Gdansk)