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European stocks down after Fed disappoints, Shell falls

European stocks down after Fed disappoints, Shell falls
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 24, 2019. REUTERS/Staff -
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(Reuters) – European shares tracked Wall Street and Asian markets into the red on Thursday after the U.S. Federal Reserve dampened hopes of future cuts in U.S. interest rates, while Shell’s <RDSa.L> lowest profit in more than two years knocked 4% off the oil major’s value.

The losses were limited, however, by other, more positive results, including from Barclays <BARC.L> and Standard Chartered <STAN.L>, as well as London Stock Exchange Group’s <LSE.L> $27 billion merger with financial information firm Refinitiv.

The exchange operator, in whom Reuters News parent Thomson Reuters <TRI.TO> will take a 15% stake under the terms of the deal, rose 3.6% in early trade.

By 0708 GMT the pan-European benchmark stock index STOXX 600 <.STOXX> had fallen 0.2%, with energy and mining giants the biggest drag as oil, iron ore and copper prices dipped.

The Fed as expected cut interest rates by a quarter of a percentage point on Wednesday, but Chair Jerome Powell disappointed investors by saying the move might not be the start of a lengthy campaign to shore up the economy against risks including global weakness.

(Reporting by Susan Mathew in Bengaluru; editing by Patrick Graham)

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