Europe close: Investors stand pat ahead of Fed decision
By Alexander Bueso
Date: Wednesday 22 Mar 2023
(Sharecast News) - European shares finished on a mixed note on Wednesday, as they waited on the result of a key policy announcement from the US Federal Reserve.
"The surge in stocks from Monday's lows has slowed to a crawl today, as attention turns to the Fed decision," said IG chief market analyst Chris Beauchamp.
"No one wants to be too energetic in their trading ahead of such an important moment. It promises to be a bravura performance for Powell, who will need to stress the Fed's commitment to fighting inflation while avoiding provoking another crisis in US regional banks."
The pan-regional Stoxx 600 index was up by 0.15% at 447.16 with the German Dax adding 0.14% to 15,216.19 and the Cac-40 gaining 0.26% to 7,131.12 alongside.
Speaking at a European Central Bank Watcher's conference, ECB head Christine Lagarde said the monetary authority's 2% medium-term inflation goal was non-negotiable.
But she also pledged ECB assistance should it be needed to maintain financial stability.
In equity news, shares in UK house builder Vistry were a tad higher after a rise in results and brighter outlook.
Property stocks were out of favour on the prospect of higher borrowing costs, with British Land, Grand City Properties and Vonovia all lower. British Land was also hit by a downgrade to 'sell' at Goldman Sachs.
Marks & Spencer was boosted by rating upgrades at Exane, Goldman and Citi.
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