September 18, 2019 / 7:25 AM / 3 months ago

Luxury stocks push European shares lower, all eyes on Fed

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Sept 18 (Reuters) - Losses in luxury stocks dragged European shares lower on Wednesday, while investors remained wary of making big bets ahead of a widely expected interest rate cut by the U.S. Federal Reserve.

Swiss luxury goods group Richemont fell nearly 5%, weighing the most on the pan-European STOXX 600 index, while Swatch declined 2.4% after a bearish note by UBS.

The benchmark European index dipped 0.1%, with Paris-listed shares lagging the most.

The Fed is due to release its policy statement at 2 p.m. EDT (1800 GMT), where it is expected to reduce U.S. borrowing costs for the second time this year, despite deep divisions among policymakers about whether a cut is needed.

French utility EDF was the top gainer on STOXX 600, up almost 3%, after it said there was no need to close any of its nuclear reactors for now following the discovery of problems with weldings. (Reporting by Shreyashi Sanyal in Bengaluru Editing by Saumyadeb Chakrabarty)

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