European Markets Little Changed Ahead Of US Fed Announcement

BRUSSELS/FRANKFURT/PARIS (Alliance News) - European markets ended Wednesday's session with ...

Alliance News 13 June, 2018 | 4:59PM
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BRUSSELS/FRANKFURT/PARIS (Alliance News) - European markets ended Wednesday's session with mixed results after being stuck in a sideways pattern throughout the day.

Investors appeared reluctant to make any major moved ahead of today's policy decision from the Federal Reserve.

The Fed is widely expected to hike interest rates by a quarter point when it concludes its 2-day meeting later today.

Investors are also keeping a close eye on the ongoing debate on the Brexit bill in the House of Commons, which carried over to a second day on Wednesday.

The pan-European Stoxx Europe 600 index advanced 0.29%. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.12%, while the Stoxx Europe 50 index, which includes some major UK companies, added 0.28%.

The DAX of Germany climbed 0.38%, but the CAC of France fell 0.01%. The FTSE 100 of the UK declined 0.00% and the SMI of Switzerland finished lower by 0.07%.

In London, Glencore rallied 3.75%, a day after its unit Katanga Mining said it had agreed a recapitalization plan for 75%-owned Kamoto Copper Co with Gécamines.

Sky PLC lost 1.55% after a judge has ruled that AT&T and Time Warner can merge.

Just Eat tumbled 4.75% on worries about heightened competition after Deliveroo said it would allow partner restaurants to use their own riders.

Dixons Carphone dropped 2.76% after the company said it has been the victim of an "unauthorized data access."

Eurozone industrial production decreased in April after recovering in the previous month, data from Eurostat showed Wednesday. Industrial output fell 0.9% month-over-month in April, reversing a 0.6% increase in March, which revised up from 0.5%.

Eurozone employment grew at a slightly faster pace in the three months ended March, data from Eurostat showed Wednesday. Employment rose 0.4% sequentially in the March quarter, just above the 0.3% increase in the previous month. There were 157.2 million employed in the euro area.

UK inflation remained stable in May, the Office for National Statistics reported Wednesday. Consumer price inflation held steady at 2.4%, the lowest since March 2017, and in line with expectations.

British house price inflation eased further in April to the lowest level in just over a year, figures from the Office for National Statistics showed Wednesday. The house price index climbed 3.9% year-over-year in April, slower than March's 4.2% rise.

Reflecting a sharp jump in energy prices, the Labor Department released a report on Wednesday showing a bigger than expected increase in US producer prices in the month of May.

The Labor Department said its producer price index for final demand climbed by 0.5% in May after inching up by 0.1% in April. Economists had expected producer prices to rise by 0.3%.

Copyright RTT News/dpa-AFX

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