Europe open: Shares in subdued mood ahead of Fed decision; Idorsia slumps

(Sharecast News) - European shares opened in subdued mood on Tuesday as investors eyed a US Federal Reserve decision on rates later in the week and digested the latest deluge in corporate earnings. The pan-regional Stoxx 600 index was down 0.03% with most major bourses hovering around the flatline.

The Federal Reserve starts its policy-setting meeting later in the day, with an announcement due on Wednesday. Investors will be looking for any clues on the future direction of monetary policy. Rate decisions are also due from the European Central Bank and Bank of Japan.

Traders will also be looking to US corporate earnings, with tech giants Microsoft and Google parent Alphabet due to release results.

In equity news, shares in Idorsia slumped as the Swiss pharma company released results and announced a cost-cutting pan to stem cash burn.

Consumer goods giant Unilever gained as it reported a rise in first-half profits.

Reporting by Frank Prenesti for Sharecast.com