European shares are set to snap a six-day winning run on Wednesday, hurt by underwhelming results from French luxury goods giant LVMH as well as nerves ahead of the Federal Reserve's interest rate decision later in the day.
dropped 4.1% premarket after it laid out an aggressive spending plan to meet demand for its new artificial intelligence services., which is widely expected to raise interest rates by a quarter of a percentage point, possibly its last move in its aggressive monetary tightening cycle.
The European Central Bank is seen hiking rates by 25 basis points to the 3.5%-3.75% range on Thursday, with weak economic data recently dampening expectations of another hike in September. "We expect the Governing Council to adopt neutral language for September meeting, signalling that a further rate hike is a possibility but not a done deal, and will depend on incoming data," according to a note published by Vanguard Asset Management.
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