European shares get results lift, with Fed in focus

Reuters | | Updated on: Jan 22, 2018

european

European shares edged higher in early deals on Wednesday, buoyed by a fresh batch of company earnings reports ahead of a Federal Reserve policy decision later in the day.

Brewer Heineken rose 3.9 per cent, the top FTSEurofirst 300 riser, after reporting strong sales in Europe and the Americas that came in above expectations. Belgian pharmaceutical firm UCB rose 3.7 per cent after its own well-received results.

Carmaker Volkswagen also rose 3.2 per cent after announcing its first quarterly loss in at least 15 years.

The pan-European FTSEurofirst 300 was up 0.1 per cent at 1,470.79, having fallen by 1 per cent in the previous session. It is 1.8 per cent below a two-month high hit last week.

The Federal Reserve is expected to keep interest rates unchanged after European markets close on Wednesday, and may struggle to convince skeptical investors it can tighten monetary policy before the end of the year in the face of US and global economic headwinds.

“October's FOMC statement is likely to include dovish tweaks to the descriptions of payrolls and activity,’’ strategists at BNP Paribas said in a note.

Published on October 28, 2015
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