European Shares Mixed Ahead Of Fed Meeting

European stocks traded mixed on Tuesday after Eurozone manufacturers reported a worsening of the supply chain in October.

IHS Markit’s final manufacturing Purchasing Managers’ Index (PMI) dipped to an eight-month low of 58.3 in October from September’s 58.6. That was shy of an initial 58.5 “flash” estimate.

As inflation worries mount, investors awaited the outcome of key central bank meetings in the United States and Britain this week for further direction.

The U.S. Federal Reserve and the Bank of England will announce their monetary policy decisions on Wednesday and Thursday, respectively.

Earlier today, the Reserve Bank of Australia left its official cash rate on hold, but abandoned an ultra-low target for bond yields.

The pan European Stoxx 600 was marginally lower at 478.57 after climbing 0.7 percent on Monday.

The German DAX rose 0.4 percent and France’s CAC 40 index edged up 0.2 percent while the U.K.’s FTSE 100 was down about half a percent.

Swiss recruitment firm Adecco tumbled 4.6 percent after the company warned “pretty unprecedented” labor shortages would continue to push wages higher in the short to medium term.

A fall in copper and iron ore prices weighed on the mining sector, with Anglo American, Antofagasta and Glencore losing 3-4 percent.

TP ICAP Group shares slumped 5.2 percent. The world’s largest inter-dealer broker reiterated its full-year revenue outlook after reporting a 15 percent jump in third-quarter revenue.

Outsourcer Capita dropped 1 percent after it agreed to sell its specialty insurance businesses to Marco Capital Holdings for an undisclosed sum.

BP Plc tumbled 3.2 percent despite the oil and gas firm reporting a sharp rise in third-quarter profit.

Standard Chartered plunged 8.3 percent after a cautious third-quarter update.

Flutter Entertainment, the world’s largest online betting group, gave up 6.6 percent after trimming its full-year outlook.

German meal-kit delivery firm HelloFresh jumped as much as 14 percent after raising its 2021 revenue target.

Fresenius shares rallied 5.2 percent as the healthcare company reported a rise in third-quarter sales and net profit.

Fresenius Medical Care surged 4 percent after the kidney dialysis company announced plans to eliminate as many as 5,000 full-time positions.

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