European Shares Little Changed In Cautious Trade

European stocks were little changed in cautious trade on Wednesday ahead of an expected tapering of pandemic-era stimulus by the U.S. Federal Reserve.

The pan European Stoxx 600 was marginally higher at 479.74, giving up early gains.

The German DAX and France’s CAC 40 index were little changed while the U.K.’s FTSE 100 was down 0.3 percent.

Higher metal prices helped lift miners, with Anglo American, Antofagasta and Glencore rising around 3 percent.

BP Plc lost about 2 percent and Royal Dutch Shell was down about 1 percent as oil prices fell on data pointing to a big build in crude oil and distillate stocks in the United States.

German carmaker BMW rose half a percent after reporting higher quarterly profit.

Airline Lufthansa surged 4.2 percent as it returned to profit for the first time since the coronavirus crisis.

Software firm TeamViewer gained 10 percent after confirming its outlook.

Vestas, the world’s largest maker of wind turbines, plunged almost 10 percent after it reported a drop in its profitability margin for the third quarter of 2021 due to supply chain instability and cost inflation of materials.

Clothing retailer Next Plc declined 2.5 percent after maintaining its full-year profit forecast.

In economic releases, U.K. house prices grew 9.9 percent year-on-year in October, following a 10 percent rise in September, data from Nationwide Building Society showed. Economists had forecast the growth rate to ease to 9.3 percent.

On a monthly basis, house prices advanced 0.7 percent after rising 0.2 percent in September. Prices were expected to climb 0.4 percent.

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