Copyright channelnewsasia
European shares were flat on Wednesday, with investors assessing a slew of corporate earnings while awaiting the U.S. Federal Reserve's rate decision later in the day. The continent-wide STOXX 600 index was flat at 575.66 points, as of 0812 GMT. The Fed is widely expected to cut interest rates by a quarter-percentage point at the end of its policy meeting on Wednesday, and investors are watching out for any forward-looking commentary from Chair Jerome Powell. European mining stocks rose 1.7 per cent, healthcare sector added 0.4 per cent. The broader telecom index fell 1 per cent and utilities lost 0.6 per cent. Meanwhile, U.S. President Donald Trump and his Chinese counterpart Xi Jinping are set to meet in South Korea on Thursday. Among corporate updates, Mercedes rose 6.4 per cent after the German carmaker reported stronger-than-expected margins at its core autos business. UBS gained 1.6 per cent after the bank reported a 74 per cent surge in third-quarter net profit, beating expectations. Deutsche Bank rose 2.6 per cent after it posted a 7 per cent increase in third-quarter profit, defying expectations for a drop. Equinor lost 1.2 per cent after the energy group reported a bigger-than-expected decline in third-quarter profit. Focus is also on the "Magnificent Seven" tech titans, Microsoft, Alphabet and Meta Platforms, who are scheduled to report earnings later on Wednesday. The bar is high for them to deliver solid numbers that would justify stretched valuations.
