European shares drift lower as investors await Fed
London: Trading in European shares was hesitant early on Wednesday as investors awaited further guidance from the Federal Reserve on future U.S. rate rises, while Zara owner Inditex fell after results and Just Eat was bruised by intensifying competition.
Benchmarks barely budged, with all the action at the stock level. The pan-European STOXX 600 fell 0.1 percent while Germany's DAX .GDAXI and Britain's FTSE 100 .FTSE both declined 0.2 percent.
Italy maintained its outperformance with a 0.2 percent gain.
Inditex (ITX.MC) was down 2.3 percent by 0725 GMT, having jumped at the open after first-quarter results showed a stronger than expected margin.
Traders said investors were questioning the quality of the margin beat on the post-results conference call, as it came despite a weaker sales growth number.
Inditex led the IBEX lower, underperforming European peers with a 0.7 percent fall.
Just Eat (JE.L) shares fell 7.2 percent to the bottom of the STOXX 600 as investors priced in heightened competition after Deliveroo said it would let restaurants use their own riders for orders placed through its app.
Dixons Carphone (DC.L) shares fell 3.6 percent after the company announced a data breach in which 1.2 million records of non-financial personal information had been accessed. [
Shares in British small-cap logistics firm Connect Group (CNCTC.L) sank 62 percent after the company warned full-year profits and dividends would be “materially” lower than expected, and CEO Mark Cashmore stepped down.
Sweden’s Atlas Copco (ATCOa.ST) was trading excluding rights to Epiroc stock, its share price down 25.2 percent as a result.