(Reuters) – European stocks were largely flat on Wednesday due to losses in the technology and mining sectors and how investors remained on the elbow ahead of the U.S. Federal Reserve policy decision.
The pan-European STOXX 600 index was down 0.02% after losses in Asian and Wall Street markets.
The U.S. software company’s barrier results did little overnight to help the European tech sector, which fell 0.9%.
Miners went in when Fresnillo Plc was forecasting lower gold production for this year.
At the same time, global coronavirus cases have exceeded 100 million, according to a Reuters account, and Europe, the worst region in the world, reports a million new infections about every four days.
AstraZeneca’s chief executive said the European Union’s late decision to contract with the drug dealer to provide COVID-19 vaccines meant the company did not have enough time to make sense of it. establishing production lines.
“Mixed equity markets even with a positive employment season in the United States are amid fears about vaccine distribution and production potential,” Sebastien Galy, macro strategist at Nordea Asset Management said in a note.
“There are many signs of frothiness, but we are still getting a clear boost in the growth style. ”
Drugmaker Evotec and battery maker Varta rallied for a second session on market talks about forcing Melvin Capital Management to retire shortly after some of their investments soured.
Few if any changes are expected in Fed’s US policy statement and new economic forecasts are not expected to be released, but Fed Chairman Jerome Powell is likely to renew a promise of ultra-easy monetary policy.
French luxury group LVMH rose 1.2% as sales at fashion brands such as Louis Vuitton, especially in China, reduced the impact of the pandemic.
Gucci owner Kering earned 1.6%.
European earnings have come in relatively optimistic, with analysts planning a 24% fall in profit in the fourth quarter for companies listed on the STOXX 600, slightly better than the 26% fall forecast a week ago, according to IBES Refnitiv data.
Ambu, a Danish medical device manufacturer rose 14.3% after positive quarterly results, while German health technology company Siemens Healthineers gained 3% after building its 2021 outlook for sales and earnings.
Shares in French shopping center operators Klepierre and Unibail rose 13.7% and 10.2%, respectively, after comments from a government minister reduced concerns about a third national lockout.
Reporting by Sruthi Shankar in Bengaluru; Edited by Subhranshu Sahu and Arun Koyyur