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Market Update

European Markets Edge Up at Open

European stocks were trading with slim gains during opening trades Wednesday even as investors keenly awaited the Federal Reserve's decision at the end of its two-day policy meet later today.

Investors are expecting the central bank would announce a reduction in its monthly asset purchase program today.

London's FTSE 100 edged up 0.1% at 9:55 a.m. local time. The CAC 40 Paris rose 0.3% while the DAX Frankfurt also added 0.3% at the time of writing.

Markets have been eyeing this event for long, and although interest rates are likely to remain low, any sort of an announcement, whether it involves a tapering or not, would have a bearing on the markets in the days to come.

Stocks on the Move

Financials were trading mixed. Societe Generale SA tacked on over a percent while Credit Agricole SA added 0.5% in France.

In London, Lloyds Banking Group Plc. improved 1.2% and HSBC Holdings added a percent. But Barclays Plc. plunged more than 6%.

Among German lenders, Deutsche Bank AG was flat while Commerzbank AG eased 0.4%.

In the resources segment, Rio Tinto plc. dropped 1.9% while BHP Billiton Plc. slipped 0.7%. Glencore Xstrata Plc. gave up 1.2%.

In stock-specific moves, Alstom SA lost 1.5% after the company proposed to cut costs in the wake of lower than expected growth.

French car maker Peugeot SA added 0.9% amid reports the company is considering a deal with its Chinese partner Dongfeng.