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Getty Images Stora Enso’s paper mill in Imatra, Kaukopaa.
Stocks in Europe edged lower on Tuesday, backing away from highs ahead of a key meeting on U.S. interest rates.
After finishing on a 22-month high on Monday, the Stoxx Europe 600 SXXP, -0.48% declined 0.4% to 397.40.
The German DAX DAX, -0.27% declined 0.16% to 12921.03, the French CAC 40 PX1, -0.19% declined 0.18% to 5720.52 and the U.K. FTSE 100 UKX, -0.45% declined 0.33% to 7306.93.
The S&P 500 closed Monday on a record high. The Federal Reserve is due to kick off its two-day meeting, with expectations of a third straight interest-rate cut.
Shares in Stora Enso STERV, -8.04% plunged 7.6% as the paper and pulp manufacturer reported “deteriorating trading conditions” it blamed on trade tensions and worries over a hard Brexit. Its third-quarter operating profit fell by 53% as sales fell 7%, and its forecast for the fourth quarter was “markedly below current consensus,” according to analysts at Citi.
UPM-Kymmene UPM, -4.32%, a rival pulp firm, fell 4%.
BP BP, -2.54% was the largest drag on the Stoxx 600, easing 1.3%. The oil giant topped consensus expectations as it reported a decline in its underlying replacement cost profit, due to falling oil prices and the impact of Hurricane Barry on production.
Fresenius Medical Care FME, +4.93% rallied 5% as the dialysis product maker reported stronger-than-forecast profit.
