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Dec 15 (Reuters) – European shares inched higher on Wednesday ahead of the U.S. Federal Reserve’s policy decision that is likely to signal a quicker withdrawal of its pandemic stimulus measures to counter broadening inflationary risks.
The pan-European STOXX 600 .STOXX was up 0.5% at 471.84 points, as of 0831 GMT. Stock markets across Asia skidded as China’s weaker-than-expected retail sales in November dented sentiment.
Tech .SX8P, utility .SX6P, and auto .SXAP sectors supported the index, while miners .SXPP and energy stocks .SXEP dropped.
Among individual companies, shares of Generali GASI.MI rose 1.3% after Italy’s top insurer pledged to return up to 6.1 billion euros ($6.88 billion) in dividends and buybacks to shareholders as Chief Executive Officer Philippe Donnet presented a new strategy.
The top performer on the benchmark was support services provider DCC DCC.L, which jumped 5.8%, after announcing its acquisition of Almo Corp for about $610 million and receiving a price target raise at J.P.Morgan.
Shares of IAG ICAG.L, British Airways’ parent company, dropped 1% after saying it is in advanced talks to cancel its acquisition of rival Air Europa from Spanish company Globalia.
($1 = 0.8872 euros)
(Reporting by Anisha Sircar in Bengaluru; Editing by Sherry Jacob-Phillips)
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