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Market Update

European Shares Edge Lower in Early Trade

Sep 21, 2011

Stocks in Europe were trading lower early Wednesday, as investors focused on the Greece debt problem and the conclusion of a Federal Reserve meeting where the central bank may announce steps to support the U.S. economy.

At the time of writing, Britain's FTSE was trading 0.6% lower while France's CAC and Germany's DAX fell 1.1% each.

French banks stepped lower in early trade with BNP Paribas and Societe Generale falling 5% and 2.5%, respectively.

Resource stocks also witnessed selling, thanks to declining commodity prices: oil firm BP was off 1.4% while miners BHP Billiton and Rio Tinto also lost 1.4% each.

In news-driven movers, Mobistar erased 3.4% following a broker downgrade.

Markets now await the outcome of the two-day FOMC meeting that ends today with the central bank expected to outline fresh measures to keep long-term interest rates low.

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