Europe close: Stocks little changed ahead of Fed decision
By Alexander Bueso
Date: Wednesday 20 Mar 2024
(Sharecast News) - European shares were flat on Wednesday as investors awaited the outcome of the Federal Reserve's policy meeting , while shares in luxury goods were down on a sales warning from Gucci owner Kering and UK insurer Prudential tanked on worries over its exposure to China.
The benchmark Stoxx 600 index ended roughly flat on the day at 505.21, having shaved morning losses.ave back 0.48% to finish at 8,161.41.
Most regional indices were nevertheless higher, save for the Cac-40, which
Fed policy makers were likely to hold rates steady after recent inflation data came in hotter than expected, cooling market optimism for early cuts.
In economic news, UK inflation fell further than expected to 3.4% - its lowest level since late 2021. While in Germany producer prices fell 4.1% compared with expectations of a 3.8% decline.
In equity news , Kering warned of weaker Asia sales at its famed Gucci label. The news hit other shares of posh goods makers such as LVMH, Richemont, Burberry and Christian Dior.
Swiss contract drug manufacturer Lonza gained 6% after it agreed to buy Roche's Genentech manufacturing facility in California for $1.2bn.
Prudential was lower despite the insurer reporting an 8% rise in its annual profits as policy sales in Asia and Africa drove revenue.
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