News Column

European shares in mixed colors ahead of Fed statement

January 31, 2014

European shares showed mixed colors during midday trading session on Wednesday as optimism after Turkish central bank interest rate rise was offset by worries before the Fed statement. The Turkish central bank decided to raise interest rates by more than double to rescue the local currency from a severe drop, giving an uplift to shares after its recent plunge on emerging markets woes. Also, a report released today showed a rise in German consumer confidence gauge to 8.2 in February from a revised 7.7 in January. However, worries over the outcome of the Fed's two-day meeting concluded on Wednesday remained predominate. Analysts predict the Fed to continue with its stimulus reduction by cutting another $10 billion to $85 billion . As of 07:35 EST , STOXX EUROPE 600 slipped 0.04% to record 309.85 points. Consumer Goods led the decline with a drop of 0.54%, where the largest losses were recorded by Fiat SPA as its shares plummeted 6.30% to 7.07 euros . The largest gains, on the other hand, were led by Antofagasta PLC as its equities rose 7.05% to 880.50 pounds. Regarding other major European indices, Germany`s DAX 30 soared 0.06% to 9412.95 points. France's CAC 40 index dropped 0.18% to 4177.66 points, and FTSE 100 surged 0.01% to 6572.84 points.

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Source: Financial Markets

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