Europe close: Stocks slip ahead of US Fed rate meeting
European equities finished lower on Wednesday after survey data showed eurozone manufacturing slipped into recession at the start of the fourth quarter and investors waited on the outcome of the US Federal Reserve's two-day policy meeting.
The pan-European Stoxx 600 index slipped 0.29% to 413.39 with most major regional bourses higher.
Germany's Dax was down by 0.61% to 13.256.74, alongside a 0.81% fall for the French Cac-40 to 6,276.88, but the FTSE Mib was little changed, up by 0.03% to 22,802.97.
Markets expect a 50-basis point rise in December from the Fed as central bankers juggle the need to combat inflation, hopefully while avoiding tipping the economy into recession.
Manufacturing within the single currency bloc clearly fell into a recession at the start of the fourth quarter, the results of a closely followed survey revealed.
The final reading for S&P Global's Eurozone factory sector Purchasing Managers' Index revealed a slide from a reading of 48.4 for August to 46.4 in September - the lowest reading since May 2020.
That was also worse than the consensus forecast and preliminary reading of 46.6.
In Germany, official data showed the domestic labour market remained resilient last month with unemployment claims rising by less than expected.
In equity news, drug maker Novo Nordisk rose 8% as it raised its full-year earnings outlook on strong sales of diabetes treatment Ozempic and also reported a better-than-expected profit.
UK pharma giant GSK was little changed, despite the company smashing earnings forecasts for the third quarter and lifting its annual outlook.
Meanwhile, luxury automaker Aston Martin fell 15% as it warned supply-chain disruptions would hit margins.
Shipping group Maersk fell 5.5% as it downgraded its forecast for global container demand growth, even though third-quarter earnings topped expectations.