Cautious trade for European shares ahead of Fed outcome
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BL InkEuropean shares edged lower in early dealing on Wednesday, with investors cautiously awaiting the conclusion of a US Federal Reserve meeting for signals on the pace of expected interest rate rises.
The pan European STOXX 600 index was down 0.1 per cent by 0827 GMT, as more cyclical sectors such as financials, materials and industrials retreated. European tech was among the top sectoral gainers, up 0.3 per cent, led be semiconductor makers.
The sector has, for now, seen little fallout from the reports of Facebook data misuse that have sent the US social media giant’s shares down 10 per cent over the past two sessions
French luxury goods maker Hermes jumped 2 per cent after its profit margin reached a record in 2017 and the company increased its dividend. Britain’s Kingfisher was one of the biggest fallers, down more than 6 per cent after beating full year earnings forecasts but warning that the UK market replica hermes crocodile birkin
was “more uncertain”.
Ubisoft rose more than 4 per cent after Vivendi sold its entire stake in the video game maker for 2 billion ($2.45 billion). Ubisoft has long opposed the French media group’s involvement in the company. Vivendi’s shares rose 0.9 per cent.