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Europe: Shares steady ahead of Fed's expected rate hike
[LONDON] European shares broadly held their ground on Wednesday morning following limited gains on Asian stock markets ahead of a widely expected rate hike by the Federal Reserve in the United States.
The pan-European STOXX 600 was down 0.03 per cent by 0717 GMT after rising during the previous session with energy stocks buoyed by Brent crude prices at four-year highs.
The top gainer on the STOXX was France's Bouygues after the stock was upgraded to overweight by JP Morgan.
A rating cut by Barclays prompted the worst lost of the index with Belgium's Telenet down 4.6 per cent.
In the banking sector, Deutsche Bank lost 1.4 per cent after a report said it has looked at a theoretical scenario of merging with UBS. The Swiss bank lost 1.5 per cent.