European stock markets traded smoothly with investors focusing on earnings from blue-chip companies like HSBC and BP ahead of the start of the Federal Reserve’s two-day meeting.
DAX has been in the same level in the trading market, CAC 40 was flat and the FTSE 100 climbed 0.1%.
Trading ranges have been tight in European stock markets Tuesday, with many investors stuck to the sidelines ahead of the latest FED meeting. The U.S. central bank is widely expected to keep rates on hold and asset purchases unchanged, but investors will pay close attention to comments from Chairman Jerome Powell, particularly regarding inflation.
BP stock rose 2%, dragging the oil & gas sector higher, after the U.K. oil major’s profit soared in the first quarter to $2.6 billion thanks to stronger oil prices and windfall profits in gas trading. As previously indicated, the energy company is to resume share buybacks in the third quarter, confident in its ability to generate free cash flow at oil prices above $45 a barrel.