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May 4 (Reuters) - European stocks were muted on Wednesday, weighed down by mixed earnings updates and nerves ahead of a policy decision from the U.S. Federal Reserve, which is expected to announce its biggest interest rate hike since 2000 to curb inflation.
The pan-European STOXX 600 index was flat, as of 0713 GMT, but most regional indexes lingered in the positive territory.
Volkswagen, Europe's top carmaker, rose 2.3% as the company stuck to its annual outlook after its global production network helped offset supply chain disruptions.
Pandora slipped 1.3% after the Danish jewellery maker flagged increased uncertainty around its full-year earnings forecast.
Shares of Norway's Equinor slipped 1.5%, even as the company reported a record quarterly pretax profit after the Ukraine conflict triggered an energy supply crunch that sent natural gas prices soaring to all-time highs.
The European Union countries will stop importing Russian oil and refined products, the head of the bloc's executive European Commission said, in proposing a sixth round of sanctions against Moscow for waging a war on Ukraine.
Swedish builder Skanska fell 5.3% after it posted a drop in first-quarter profit and braced for potential project cancellations in its Eastern European markets as an indirect effect of the war in Ukraine.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips)