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European markets lower as Fed considers interest rate hike; Kingfisher dives 8%

European markets lower as Fed considers interest rate hike; Kingfisher dives 8%
  • The pan-European Stoxx 600 was down around 0.35 percent during early afternoon deals, with most sectors and major bourses in negative territory.

  • Europe's basic resources stocks were among the worst performers on Wednesday, down 0.3 percent amid heightened concerns of a global trade war.

  • Stateside, investors appeared relatively convinced the Federal Reserve will raise interest rates to 1.75 percent, up from 1.5 percent, on Wednesday.

European markets were lower on Wednesday afternoon, as investors awaited a likely hike in U.S. interest rates later in the day.

The pan-European Stoxx 600 was down around 0.35 percent during early afternoon deals, with most sectors and major bourses in negative territory.

Europe's basic resources stocks were among the worst performers, down 0.3 percent amid heightened concerns of a global trade war. President Donald Trump is widely expected to unveil up to $60 billion in import duties on Chinese goods by the end of the trading week. Investors are anxious the looming charges could escalate into a full-blown trade war, threatening global economic growth. Hydro was down over 2 percent during lunchtime trade.

Utilities led the gains, up more than 0.3 percent amid a flurry of trading updates. Italy's A2A and Germany's E.ON both had their target stock prices upwardly revised by Kepler Chevreux on Wednesday morning, sending shares of each company slightly higher.

In individual stocks, Ubisoft surged towards the top of the European benchmark after Vivendi chairman Vincent Bollore lost a two-year battle against its founders. French media group Vivendi announced plans to sell its stake in the video games-maker for 2 billion euros ($2.45 billion) on Wednesday. Shares of Ubisoft were up over 3 percent on the news.

Europe's second-largest home improvement retailer slumped to the bottom of the index as the group forecast a mixed outlook. Kingfisher posted a better-than-expected rise in annual profits on Wednesday but said a more "uncertain" future was a concern. Its shares were down over 8 percent.

Federal Reserve in focus

In Asia, equities edged higher after a recent run of losses. MSCI's broadest index of Asia-Pacific shares, excluding Japan, was up 0.5 percent, following gains on Wall Street.

Stateside, investors appeared relatively convinced the Federal Reserve will raise interest rates to 1.75 percent, up from 1.5 percent, on Wednesday. However, markets were less sure over how many more to expect this year. The U.S. central bank is widely anticipated to signal three or four further rate hikes for the year as a whole.



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