Europe open: Shares upbeat ahead of Fed rate call

(Sharecast News) - European shares opened in an upbeat mood on Tuesday as attention turned to the US Federal Reserve's monetary policy meeting due to start later in the day. The pan-regional Stoxx 600 index was up 0.3% to 580.16 at 0823 GMT. Germany's DAX gained 0.52%, while Britain's FTSE 100 was flat and France's CAC 40 rose 0.32%.

Investors widely expect the Fed to cut its key interest rate by 25 basis points at its final two-day meeting of the year, with the odds of a reduction priced in at 87% chance of a quarter-point cut.

In regional economic news, German exports rose in October against expectations of a fall as trade with European Union partners provided a boost, according to official data published on Tuesday.

Exports rose by 0.1% month on month, federal statistics ‌office said. Economists had been expecting a 0.5% fall. Imports were down 1.2% on a calendar and seasonally adjusted basis.

The foreign trade balance showed ‌a surplus of €16.9bn in October, up from €15.3bn in the previous month and €14.6bn a year ago.

Exports to EU countries rose by 2.7% month on month, while exports of goods to countries outside the 27-member bloc were down 3.3%.

On the equities from, shares in Thyssenkrupp tumbled as the German conglomerate said it expected to swing to a net loss of up to €800m next year, citing restructuring provisions at its steel unit.

Reporting by Frank Prenesti for Sharecast.com