European markets opened slightly lower Wednesday following the U.S. Federal Reserve’s surprise rate cut on Tuesday.
The pan-European Stoxx 600 slipped 0.2% below the flatline in early trade, basic resources adding 0.7% to lead gains while tech stocks fell 0.7% as most sectors and major bourses entered negative territory.
Global markets will be continuing to react to the U.S. Federal Reserve announcing an emergency 50 basis point cut to interest rates on Tuesday. Europe’s Stoxx 600 initially rose more than 3% on the news, but later pared gains to close 1.2% higher. In the U.S., stocks also initially rose but then fell sharply in volatile trading.
Source: CNBC