European shares close flat ahead of Fed decision, Puma jumps
European shares ended flat on Wednesday as investors avoided making big bets ahead of the Federal Reserve's monetary policy decision, while Puma surged on a report of a takeover approach for the sportswear firm.
The pan-European STOXX 600 closed 0.05% lower at 550.53 points, to trade at a one-week low.
The Fed is widely expected to deliver a 25-basis-point rate cut at the conclusion of its two-day policy meeting on Wednesday, as the central bank navigates the signs of cracks in the labour market.
While the verdict is largely baked in, it will be Fed Chair Jerome Powell's potential comments on the monetary policy outlook that will hold investors' interest.
On the STOXX 600, the oil and gas index led losses by falling 1.2%, tracking lower crude prices. It was joined by basic resources, also down 1.2%, as copper prices hit a week's low.
Meanwhile, Puma jumped 16.7% to a near two-month high after Manager Magazin reported two parties were preparing for a potential takeover of the German sportswear maker. Peer retailer Adidas was up 1.7%, while JD Sports added 0.5%.
Source: Reuters
