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June 16, 2021, 10:41 a.m. EDT

Investors press pause, with European stocks largely steady as Federal Reserve decision looms

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By Barbara Kollmeyer

European stocks inched up on Wednesday, as investors waited for the outcome of a Federal Reserve policy meeting due later. Miners were lower as China took aim at soaring commodity prices.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP -0.88% rose 0.2%, the German DAX /zigman2/quotes/210597999/delayed DX:DAX -1.03% was flat, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.79% was up 0.2%, and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.91% was up 0.2%.

U.S. stocks /zigman2/quotes/210598065/realtime DJIA -0.48% /zigman2/quotes/210599714/realtime SPX -0.91% /zigman2/quotes/210598365/realtime COMP -0.91% traded flat in early trading, ahead of the outcome of the two-day Federal Open Market Committee meeting and a news conference with Chair Jerome Powell that will come after the close of European markets. The central bank is largely expected to keep its ultra-supportive policy unchanged and continue its bond-buying program even amid surging inflation.

Read: 4 things to watch for when the Fed meets Wednesday

“At some point, there will need to be a signal that the currently easy monetary conditions will be scaled back. The expectation is that the subject of tapering some of the relief has at least made its way to the table for discussion, if not immediate action,” said Richard Hunter, head of markets at Interactive Investor, in a note to clients.

Elsewhere, U.K. consumer prices rose 2.1% on the year in May, the fastest pace of growth since July 2019, the Office for National Statistics said on Wednesday. The rise exceeded the Bank of England’s target for the first time in almost two years. But like the Fed and other central banks, U.K. officials have said they expect price rises to be transitory.

Read: U.K. Inflation Shoots Past Central Bank Target

Germany’s Ifo Institute lowered its forecast for economic growth for the country in 2021 to 3.3% from 3.7% forecast in March, citing bottlenecks with supplies of intermediate products.

Economic data from China showed a moderating of growth in May , with industrial production, retail sales and fixed-asset investment all rising, but slowing from the pace seen in year-earlier periods.

Mining stocks fell after China’s state stockpiling body said on Wednesday that it will release national metals reserves such as copper and aluminum batches in the near future to keep supply and prices stable. Commodity prices have been soaring around the world as some economies speed up their recoveries from the COVID-19 pandemic.

Read: Commodities are now the most crowded trade, say global fund managers

Shares of Anglo American /zigman2/quotes/201381512/delayed UK:AAL -8.07% fell 1.8% and Glencore /zigman2/quotes/201400686/delayed UK:GLEN -1.74% nearly 2%. Rio Tinto /zigman2/quotes/202627887/composite RIO -2.99% /zigman2/quotes/208934945/delayed UK:RIO -3.60% shares slipped 0.5%. Copper /zigman2/quotes/210054311/delayed HG00 -0.14% and palladium /zigman2/quotes/210237962/delayed PA00 +1.09% prices shifted lower on Wednesday.

Shares of German business software group SAP /zigman2/quotes/207905606/composite SAP -1.06% /zigman2/quotes/202053813/delayed XE:SAP -0.34% fell 0.5%, on the heels of results from U.S. rival Oracle /zigman2/quotes/202180826/composite ORCL -0.99% , which soundly beat expectations for earnings and sales to close out its fiscal year on Tuesday. However, Oracle shares slipped amid softer-than-anticipated guidance for the August quarter.

/zigman2/quotes/210599654/delayed
XX : STOXX
461.84
-4.11 -0.88%
Volume: 0.00
Sept. 17, 2021 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,490.17
-161.58 -1.03%
Volume: 158,392
Sept. 17, 2021 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,570.19
-52.40 -0.79%
Volume: 214,006
Sept. 17, 2021 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,963.64
-63.84 -0.91%
Volume: 1.60M
Sept. 17, 2021 4:54p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,584.88
-166.44 -0.48%
Volume: 577.97M
Sept. 17, 2021 5:25p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,432.99
-40.76 -0.91%
Volume: 3.79B
Sept. 17, 2021 5:25p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
15,043.97
-137.96 -0.91%
Volume: 6.16M
Sept. 17, 2021 5:16p
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/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,591.00 p
-227.50 -8.07%
Volume: 10.42M
Sept. 17, 2021 4:35p
P/E Ratio
6.54
Dividend Yield
6.78%
Market Cap
£31.97 billion
Rev. per Employee
£253,662
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/zigman2/quotes/201400686/delayed
UK : U.K.: London
327.20 p
-5.80 -1.74%
Volume: 144.27M
Sept. 17, 2021 4:35p
P/E Ratio
29.94
Dividend Yield
2.67%
Market Cap
£43.18 billion
Rev. per Employee
£765,499
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/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 68.04
-2.10 -2.99%
Volume: 6.99M
Sept. 17, 2021 4:00p
P/E Ratio
5.94
Dividend Yield
10.06%
Market Cap
$109.45 billion
Rev. per Employee
$939,693
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,829.50 p
-180.50 -3.60%
Volume: 8.83M
Sept. 17, 2021 4:35p
P/E Ratio
5.70
Dividend Yield
12.96%
Market Cap
£79.62 billion
Rev. per Employee
£732,787
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/zigman2/quotes/210054311/delayed
US : U.S.: Nymex
$ 4.24
-0.0060 -0.14%
Volume: 53,072
Sept. 17, 2021 4:59p
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/zigman2/quotes/210237962/delayed
US : U.S.: Nymex
$ 2,005.50
+21.70 +1.09%
Volume: 1,883
Sept. 17, 2021 4:59p
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/zigman2/quotes/207905606/composite
US : U.S.: NYSE
$ 143.32
-1.54 -1.06%
Volume: 549,338
Sept. 17, 2021 4:00p
P/E Ratio
24.23
Dividend Yield
2.01%
Market Cap
$169.02 billion
Rev. per Employee
$304,253
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/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
122.08
-0.42 -0.34%
Volume: 4.93M
Sept. 17, 2021 6:30p
P/E Ratio
24.59
Dividend Yield
1.52%
Market Cap
€144.01 billion
Rev. per Employee
€266,894
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/zigman2/quotes/202180826/composite
US : U.S.: NYSE
$ 86.39
-0.86 -0.99%
Volume: 58.07M
Sept. 17, 2021 4:02p
P/E Ratio
18.35
Dividend Yield
1.48%
Market Cap
$236.55 billion
Rev. per Employee
$306,659
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