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Europe: Shares drift lower as investors await Fed decision
[LONDON] Trading in European shares was hesitant early on Wednesday as investors awaited further guidance from the Federal Reserve on future US 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 per cent while Germany's DAX and Britain's FTSE 100 both declined 0.2 per cent.
Italy maintained its outperformance with a 0.2 per cent gain.
Inditex was down 2.3 per cent 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 per cent fall.
Just Eat 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.