Europe open: Stocks waver as investors digest Fed; Credit Suisse slides

European stocks wavered in early trade as investors digested the latest policy decision from the Federal Reserve, with the Bank of England’s announcement due later in the day.

At 0850 GMT, the benchmark Stoxx Europe 600 was up 0.2%, Germany’s DAX was flat and France’s CAC 40 was 0.1% higher.

Meanwhile, oil prices were a touch firmer, with West Texas Intermediate up 0.2% to $45.45 a barrel and Brent crude up 0.4% at $47.03.

On Wednesday the Federal Reserve decided not to up its key interest rate, as widely expected, but indicated that a hike could be on the cards at its next meeting in December.

The latest rate announcement from the Bank of England is due at 1200 GMT, along with the Inflation Report.

Lee Wild, head of equity strategy at Interactive Investor, said: “Like the Fed, there's no chance Mark Carney will tinker with monetary policy today. After agreeing to stick around until 2019, he'll want to keep some powder dry for next year when the economy will surely hit a rough patch as we race toward Article 50.

“Much more interesting is the Bank’s quarterly inflation report this morning. Expect Carney & Co to raise inflation targets given the long odds of a sterling recovery. That could put real pressure on consumers and trigger that widely-anticipated recession in 2017.”

In corporate news, Credit Suisse slid after posting a big drop in third-quarter profit as revenue declined 10%, while Repsol fell despite saying it swung to a net profit in the third quarter.

On the upside, Societe Generale gained ground after the bank’s third-quarter profit beat analysts’ expectations.

Beiersdorf rallied after lifting its full-year profit guidance and reporting better-than-expected sales for the January to September period.

Luxury goods group Hermes edged up as it said sales in the first nine months of the year rose 7% compared to the same period a year ago, while Air France-KLM ticked higher as it posted an increase in third-quarter net profit.

Wm Morrison Supermarkets rose after reporting its fourth consecutive quarter of growth, helped by its biggest ever Halloween.

Asset manager Schroders nudged up as it said third-quarter assets under management rose 9.1%.

Satellite services provider Inmarsat advanced after reporting a jump in third-quarter revenues following strong performances in the government and aviation divisions, but a drop in pre-tax profit.

On the data calendar, the eurozone unemployment rate for September is out at 1000 GMT. In the US, initial jobless claims are at 1230 GMT and ISM non-manufacturing is at 1400 GMT.