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European shares tread water ahead of Fed outcome

Published 03/17/2021, 04:29 PM
Updated 03/17/2021, 04:30 PM
© Reuters.
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BMWG
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 17 (Reuters) - European stocks were flat on Wednesday
as most investors stayed on the sidelines ahead of the U.S.
Federal Reserve's policy decision, while German carmaker BMW
jumped after forecasting significant profit growth in 2021.
The pan-European STOXX 600 index .STOXX edged 0.02% lower
in early trading, tracking a cautious mood in Asian markets.
The Fed's view on its monetary policy stance will be closely
watched after a recent run-up in Treasury yields stoked concerns
about higher inflation as the economy rebounds from pandemic
lows. The U.S. central bank's policy statement and economic
forecasts are due at 2 p.m. EDT (1800 GMT).
BMW BMWG.DE rose 1.9% after it said it expects a
significant year-on-year increase in group pre-tax profit in
2021 as it forecast a strong performance in all of its segments.
Automakers .SXAP gained 0.8% to lead sectoral gains, while
travel & leisure .SXTP , oil & gas .SXEP and miners .SXPP
led the decliners.
Credit Suisse CSGN.S slipped 0.5% after Kepler Cheuvreux
downgraded the Swiss lender to "hold", citing concerns about the
the Greensill case.

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