MILAN/FRANKFURT: European stocks were largely flat on Wednesday due to losses in technology and mining sectors and as investors stayed on the sidelines ahead of the US Federal Reserve’s policy decision.

The pan-European STOXX 600 index was down 0.02% following losses in Asian markets and Wall Street.

US software company Microsoft’s bumper results overnight did little to help Europe’s tech sector, which dropped 0.9%.

Miners took a hit as Fresnillo Plc forecast lower gold output for the current year.

French luxury group LVMH rose 1.2% as booming sales at fashion brands like Louis Vuitton, particularly in China, helped to cushion the impact of the pandemic.

Gucci-owner Kering gained 1.6%.

European earnings have come in largely positive, with analysts projecting a 24% drop in fourth-quarter profit for companies listed on the STOXX 600, slightly better than a 26% drop forecast a week ago, as per Refnitiv IBES data.

anish medical device maker Ambu surged 14.3% after upbeat quarterly results, while German health technology company Siemens Healthineers gained 3% after it raised its 2021 outlook for sales and earnings.