European Shares Edge Lower Ahead Of Fed, BOE Rate Decisions

(RTTNews) - European stocks declined on Wednesday as investors looked ahead to the Fed and BOE policy meetings for direction.

In economic releases, Germany's producer prices declined for the eighth straight month in February, and at a faster-than-expected pace, data published by Destatis showed earlier today.

Producer prices registered an annual decrease of 4.1 percent after declining 4.4 percent in January. Prices have been falling since July 2023.

The British pound traded weak after data showed U.K. consumer price inflation weakened in February to the lowest since 2021.

The consumer price index registered an annual growth of 3.4 percent, slower than the 4.0 percent rise in January. The rate was the lowest since September 2021.

The pan European STOXX 600 slipped 0.2 percent to 50.30 after closing up 0.3 percent on Tuesday.

The German DAX was marginally lower, France's CAC 40 shed 0.7 percent and the U.K.'s FTSE 100 was down 0.2 percent.

Carmaker Stellantis NV was marginally higher after acquiring a stake in optical radar start-up SteerLight.

British insurance and asset management giant Prudential declined 2.3 percent despite reporting strong growth in new business over 2023.

Braemar rallied 3.7 percent as the shipbroker retained its 2024 profit and revenue guidance.

Johnson Matthey soared 7.5 percent. The company has agreed to sell its medical device components business to Montagu Private Equity for $700 mln in cash.

French lender Credit Agricole was marginally lower while financial service provider Worldline gave up half a percent after they have formed a joint venture to provide digital payment services for merchants in France.

Biotech company Valneva plunged 4 percent after it reported a net loss of 101.4 million euros for fiscal year 2023.

Annual total revenues dropped to 153.7 million euros from 361.3 million euros in 2022.

Deutsche Wohnen shares plummeted nearly 5 percent. The German real estate firm, part of the Vonovia Group, reported a decline in fiscal 2023 group funds from operations and posted sharply wider loss on an after-tax basis in a challenging environment.

Indus Holding rose 1.4 percent. The engineering and infrastructure holding company reported that its fiscal 2023 earnings after taxes was 56.1 million euros, compared to previous year's loss of 41.4 million euros.