European Stocks Waver Before Close
European stocks wavered in afternoon trading and closed with slight losses on Wednesday, failing to track the intraday rebound for US stocks as markets continued to gauge the outlook of global monetary policy, trade uncertainty, and geopolitical tension in the Middle East.
The Eurozone's STOXX 50 dropped 0.4% to close at 5,270 while the pan-European STOXX 600 fell 0.4% to close at 540. US President Trump stated that Iran reached out to Washington for talks on de-escalating attacks from Israel, although the hawkish rhetoric by the President remained.
On the monetary policy front, the Swedish Riksbank cut rates by 25bps, as expected, ahead of the Fed's rate decision overnight and the BoE's decision tomorrow. Losses were focused among tech companies and industrials, with Adyen, Infineon, Mercedes Benz, Schneider, and Siemens dropping between 4.5% and 1.2%. Meanwhile, Santander added 0.4% after expressing its interest in acquiring British lender TSB.
Source: Trading Economics
