European Shares Slide As Traders Eye Fed Verdict

(RTTNews) - European stocks were subdued on Wednesday as investors braced for another interest-rate hike from the Federal Reserve later in the day.

Odds are that Fed Chair Jerome Powell will signal additional rate hikes are not off the table, but the central bank will take a more gradual approach to rate rises based on incoming data.

Upcoming ECB and BOJ rate decisions also remained on investors' radar.

The pan European STOXX 600 was down 0.6 percent at 465.27 after gaining half a percent on Tuesday.

The German DAX slipped 0.6 percent, France's CAC 40 index fell 1.4 percent and the U.K.'s FTSE 100 was down 0.3 percent.

Amsterdam-based Just Eat Takeaway.com soared 8 percent after posting narrower losses in the first half of the year.

Mining giant Rio Tinto dropped 1.7 percent in London after reporting its lowest first-half year profits since the pandemic.

Lender Lloyds Banking Group lost 2.2 percent after first-half profit missed expectations.

NatWest gave up nearly 3 percent. CEO Alison Rose quit today after admitting a "serious error of judgment" in speaking to a reporter about the banking affairs of arch-Brexiteer Nigel Farage.

Aircraft-engine manufacturer Rolls-Royce jumped more than 18 percent after unexpectedly raising its full-year operating profit forecast by around 45 percent.

LVMH tumbled 4.3 percent after the French luxury goods giant reported a surprise drop in U.S. sales amid economic uncertainty.

Danone lost 2.7 percent. The maker of Activia yoghurt, Evian water and Aptamil infant milk announced that it would "deconsolidate" its Russia business in July, bringing the total impairments related to the country to almost 700 million euros.

Automaker Renault declined 1.1 percent after finalizing a revamped alliance with Nissan.

Telecom major Orange plummeted 3.4 percent after consolidated net income declined by 378 million euros to 1.09 billion euros in the first half of 2023 on an historical basis.

German utility RWE rallied 2 percent after raising its full-year earnings forecast.

Sportswear retailer PUMA jumped 3.3 percent after reporting 11 percent growth in second-quarter sales.

Aircraft engine maker MTU Aero Engines fell more than 3 percent after a warning that the Geared Turbofan inspection program will cause headwinds for its free cash flow.

Lender Deutsche Bank dropped 1.1 percent after reporting a decline in second-quarter earnings.