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European Shares Mixed Amid Geopolitical Tensions, Fed Jitters

market trends2 100421 21sep22 lt

European stocks traded mixed on Wednesday, as investors awaited a Federal Reserve rate decision and monitored increased political tensions with Russia.

The U.S. Federal Reserve delivers its interest-rate decision later in the day, with many expecting a 75-bps move.

The Bank of England, the Swiss National Bank, the Bank of Japan, and the Norges Bank in Norway are also announcing their policy decisions this week.

Traders also remained focused on escalating geopolitical tensions after Russian President Vladimir Putin announced the partial mobilization of his country's military.

The pan European Stoxx 600 edged up 0.2 percent to 404.16 in choppy trade after falling 1.1 percent in the previous session.

The German DAX dipped 0.3 percent and France's CAC 40 index slipped 0.1 percent while the U.K.'s FTSE 100 was up 0.4 percent.

BP Plc jumped 2.1 percent and Shell added 2.4 percent as oil prices jumped more than 3 percent on news of partial military mobilization ordered by Russia.

Britain's biggest defense company BAE Systems surged 5.5 percent.

Housebuilder Barratt Developments rallied 2.6 percent, Persimmon gained 3.3 percent and Taylor Wimpey added 2.5 percent after reports that newly appointed Prime Minister Liz Truss will cut the rates of stamp duty for home purchases in the government's mini budget this week.

Miners Anglo American, Antofagasta and Glencore rose 1-2 percent.

Shares of Vallourec SA surged 5.8 percent. The French provider of premium tubular solutions has signed a 10-year agreement with Saudi Aramco for the supply of Premium Casing and Services.

German energy major Uniper SE plummeted 32 percent. Germany confirmed the nationalization of the company by acquiring its shares held by Fortum Oyj, a Finnish energy company, for 1.70 euros per share. Fortum shares jumped 8.5 percent.

Novartis AG declined 1.2 percent. The Swiss drug major announced that it plans to file a petition to the U.S. Supreme Court to uphold validity of the Gilenya (fingolimod) dosing regimen patent.

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