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Europe open: Shares lower as all eyes on Fed rate call; Rexel surges
(Sharecast News) - European shares opened lower on Monday as investors waited on a key interest rate decision from the US Federal Reserve this week. The pan-regional Stoxx 600 index was 0.17% down at 515 with major bourses broadly lower. There was little driving trade overnight with several Asian markets closed for holidays.
''Markets are in 'wait and see' mood amid high anticipation of the crunch interest rate decision from the Federal Reserve this week, with a vote also eyed at the Bank of England," said Hargreaves Lansdown analyst Susannah Streeter.
Bets have increased in recent days that the Fed may cut by as much as 50 basis points, with a minimum 25 point reduction on the table.
"Even if a smaller rate cut is delivered, it'll raise expectations for a more aggressive loosening of policy in November and December, with 100bps of rate reductions by the end of the year priced in by markets," Streeter said.
Brent crude oil prices nudged above $72 as the dollar weakened in response to the anticipated US rate cut.
In equity news, shares in Rexel surged after the French electrical parts company rejected a takeover offer from US company QXO of up to €28.40 a share, saying it significantly undervalued the company.
Reporting by Frank Prenesti for Sharecast.com
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