(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
May 4 (Reuters) - European shares fell on Thursday as
investors digested mixed signals from the U.S. Federal Reserve
on its interest rate path, while awaiting the European Central
Bank's rate decision later in the day.
The pan-European STOXX 600 index dropped 0.8%, with
automobile shares leading the losses, falling 2.3%.
The oil and gas index was the sole gainer, rising
1.3%.
The Fed raised its key benchmark rate by 25 basis points
(bps) to the 5.00%-5.25% range as expected, but dropped from its
statement that it "anticipates" further hikes would be needed.
However, Fed Chair Jerome Powell later said it was too soon
to say the rate hike cycle is over.
All eyes will now be on the ECB's rate decision, due at 1215
GMT, at which the central bank is expected to deliver another
quarter percentage point rate hike, but a bigger hike is not
ruled out either, as the bloc grapples with sticky inflation.
Shell Plc jumped 2.4% after its first-quarter
profit dropped slightly from the previous quarter as energy
prices cooled, but still beat forecasts.
Weighing on the index, Danish drug developer Novo Nordisk fell 4.8% after it said it would reduce the supply of
some dose strengths of its popular Wegovy obesity drug in the
United States due to high demand.
(Reporting by Shubham Batra in Bengaluru; Editing by Savio
D'Souza)
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