European Shares Little Changed As Investors Look Ahead To Fed Meeting

European stocks were little changed on Friday after falling for five consecutive sessions on worries about higher interest rates and the outlook for global growth.

A cautious undertone prevailed as investors braced for key U.S. inflation data due later in the day and next week’s FOMC rate decision.

The pan European STOXX 600 was marginally higher at 435.71 after declining 0.2 percent on Thursday.

The German DAX edged up 0.1 percent and the U.K.’s FTSE 100 traded flat with a positive bias, while France’s CAC 40 index slipped 0.2 percent.

Credit Suisse gained 2 percent after the Swiss lender announced it has raised 2.24 billion Swiss francs ($2.39 billion) as part of a 4-billion-franc cash call.

TotalEnergies SE fell 1.5 percent, BP Plc lost 1.7 percent and Shell gave up 1.1 percent as crude oil prices languished near 2022 lows on worries of deeper global economic downturn.

Pendragon shares plunged 26 percent after Hedin Mobility Group AB announced that it does not intend to make a takeover offer for the used car dealer company, citing challenging market conditions and the uncertain economic outlook.

Porvair, an environmental technology group, jumped nearly 8 percent after saying that it expects a rise in revenue and an increased profitability in FY22.

Investment manager Man Group surged 5.6 percent on share buyback news.

Mining giant Anglo American declined 1.6 percent after warning on its ability to hit output goals.

Thales gave up 1.8 percent in Paris after the Competition and Markets Authority in the U.K. found that Hitachi’s anticipated purchase of Thales’ rail infrastructure business could lead to higher fares in future.

German medical technology firm Carl Zeiss Meditec plummeted 5.4 percent after issuing a weak profit guidance for the first quarter.

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