European equities retreated at the open as automakers fell following this year's biggest monthly drop in car sales and as traders await the U.S. Federal Reserve's meeting.
The Stoxx Europe 600 Index was down as much as 0.2% at 388.92. The Stoxx 600 Automobiles & Parts Index dropped 0.5% as European car registrations fell sharply in August, deepening the woes of an industry battling sluggish demand in key markets. Luxury-goods company Compagnie Financiere Richemont SA tumbled 2.1% after being cut to sell at UBS Group AG.
Gains in European stocks came to a halt this week as investors turned defensive following the strikes on Saudi oil plants. Today all eyes are on the Federal Reserve's policy meeting, where it's widely expected to continue interest-rate cuts.
Source : Bloomberg