European Markets Finish Little Changed Ahead Of Fed Announcement

The European markets ended Wednesday’s session with mixed results, but were little changed overall. Investors were reluctant to make any major moves ahead of today’s policy decision from the Federal Reserve.

The Fed is widely expected to leave interest rates unchanged when it concludes its meeting later today, although traders will pay close attention to the accompanying statement for clues about the outlook for policy. The statement may offer details on how the central bank plans to start shrinking its $4.5 trillion balance sheet.

The pan-European Stoxx Europe 600 index weakened by 0.11 percent. The Euro Stoxx 50 index of eurozone blue chip stocks decreased 0.16 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.16 percent.

The DAX of Germany climbed 0.06 percent and the CAC 40 of France rose 0.08 percent. The FTSE 100 of the U.K. declined 0.05 percent and the SMI of Switzerland finished higher by 0.03 percent.

In Frankfurt, construction firm Hochtief sank 7.01 percent on a report that its supervisory board is discussing an offer to buy Spain’s Abertis.

ThyssenKrupp climbed 2.41 percent. The industrial conglomerate has signed a memorandum of understanding with India’s Tata Steel for combining their European steel activities in a 50/50 joint venture.

Utility E.ON jumped 2.94 percent after said it is in advanced negotiations with Finland’s Fortum Oyi about an agreement to potentially dispose its 46.65 % stake in Uniper SE. Fortum surged 4.19 percent in Helsinki.

In Paris, Ipsen rallied 5.56 percent after receiving approval from the European Commission for Xermelo used to treat carcinoid syndrome diarrhea.

In London, Cairn Energy fell 0.22 percent after issuing a procedural update on its dispute with the Government of India under the UK India Bilateral Investment Treaty.

Ryanair Holdings declined 2.37 percent on reports that the discount airline has offered its pilots a one-off bonus of up to 12,000 euros in a bid to avoid the damage caused by flight cancellation through the end of October.

Diageo lost 2.78 percent after the drinks giant warned its first-half organic net sales growth rate will be impacted by the later timing of Chinese New Year and by the expected impact of the highway ban in India.

Home improvement retailer Kingfisher jumped 5.94 percent after its first-half profit beat forecasts.

Babcock International Group leaped 5.62 percent. In its trading update for the period from 1 April 2017, the company said that…

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