Stock

STOXX 600 flat ahead of Fed decision, Renault jumps

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(Reuters) – European stocks were little changed on Wednesday as caution prevailed ahead of the Federal Reserve’s policy decision and outlook, outweighing a rise in Renault (EPA:RENA) on talks of a potential merger between carmakers Honda (NYSE:HMC) and Nissan (OTC:NSANY).

The pan-European STOXX 600 was trading flat by 0813 GMT.

French carmaker Renault rose 6%, lifting automakers by 0.8%. The company owns a 36% stake in Nissan.

Food & beverage and healthcare stocks declined 0.4% and 0.3%, respectively.

Meanwhile, the Fed is widely expected to cut rates by 25 basis points later on Wednesday, in what some observers are calling a “hawkish cut”, set to be delivered alongside policymakers’ updated interest rate outlooks and economic forecasts.

The UK’s FTSE 100 rose 0.2% as sterling came under pressure ahead of the Bank of England’s rate decision on Thursday.

Commerzbank (ETR:CBKG) jumped 3.7% after Italian bank UniCredit said it had raised its potential stake in the German lender to 28% by signing new derivatives contracts.

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