Both the STOXX 50 and the STOXX 600 showed little movement on Wednesday as traders awaited the FOMC's monetary policy decision later in the day.
European stocks trade flat
The Federal Reserve is widely expected to announce a 25bps cut to the federal funds rate, with a slower pace of reductions anticipated for next year. Meanwhile, the Bank of England is expected to keep borrowing costs unchanged tomorrow, particularly following the acceleration of wage growth and a second consecutive month of rising inflation in the UK.
Renault rises by 6%
On the corporate side, Renault's shares surged 6% after reports that Nissan and Honda are planning to merge. Additionally, Unicredit raised its stake in Commerzbank to 28%, with Unicredit’s shares rising 0.7% and Commerzbank’s shares jumping nearly 4%. On the downside, Bayer (-1.1%), BASF (-0.8%), LVMH (-0.6%), Inditex (-0.8%), and Kering (-0.5%) were among the worst performers.
