2023-12-13 17:59:00
© Archyde.com. German DAX index data appears on electronic screens at the Frankfurt Stock Exchange on Wednesday. Photography: Archyde.com.
(Archyde.com) – European stocks fell on Wednesday as investors largely moved away from risky bets ahead of the Federal Reserve’s (US central bank) expected decision on interest rates and monetary policy expectations.
The European index fell 0.1 percent.
The German index and the French CAC fell 0.2 percent each following reaching record levels on Tuesday.
Investors expect the Federal Reserve to stop raising interest rates in its decision that will be issued later on Wednesday. US inflation data released on Tuesday, which was higher than expected, might not change bets on lower interest rates next year.
The focus will be on Federal Reserve Chairman Jerome Powell’s statements and the central bank’s expectations regarding short-term interest rates to obtain clues on when to ease monetary policy.
The European Central Bank and the Bank of England will make decisions on Thursday, and both are expected to hold interest rates.
PACIF shares increased 4.4 percent, and Arkema shares rose 5.5 percent following UBS raised its credit rating on the two companies, making the chemical sector the largest gainer, rising 1.1 percent.
The healthcare sector rose 0.9 percent, with Novo Nordisk shares rising 1.6 percent.
The telecommunications sector lost 1.3 percent, with Vodafone (LON:) stock falling 2.9 percent, which had an impact on the STOXX 600 index.
Nel shares fell 9.2 percent to the bottom of the STOXX 600 index following the Norwegian hydrogen company said that one of its customers canceled an order, which reflects bad conditions for this sector in the market, according to one analyst.
Storebrand shares fell 4.2 percent following the Norwegian insurance company said that it was difficult to achieve its profit ambitions in 2023.
(Prepared by Noha Zakaria for the Arabic Bulletin – Edited by Ali Khafaji)
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