European Shares Open Little Changed Ahead of Fed, U.K. Vote

Macarena Munoz and Jan-Patrick Barnert

(Bloomberg) -- European shares were little changed Wednesday ahead of a Federal Reserve meeting today, U.K. elections on Thursday and as China anticipates the U.S. will delay new tariffs.

The Stoxx 600 Index moved between little gains and losses, with telecom and media shares retreating, while the basic resources sector advanced the most. Credit Suisse Group AG was among the worst-performing banks after cutting profit goals, while Inditex SA led gains among retailers as sales accelerated.

Chinese officials expect the U.S. to delay a tariff increase set for Sunday, which would allow more time to negotiate a trade deal, according to a Bloomberg report, while White House adviser Peter Navarro said he had no indication that President Donald Trump has made a decision either on a deal or on proceeding with the hike.

“So far investors were unable to provide the necessary buying momentum to achieve a sustainable move toward the upside,” said Andreas Lipkow, a strategist at Comdirect Bank. “If we have a positive news flow, that means we still could see a trend reversal to the upside.”

To contact the reporters on this story: Macarena Munoz in Madrid at mmunoz39@bloomberg.net;Jan-Patrick Barnert in Frankfurt at jbarnert3@bloomberg.net

To contact the editors responsible for this story: Beth Mellor at bmellor@bloomberg.net, Jon Menon

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