Most European stock markets ended lower on Wednesday, but far from the day's lows, while calm returned to Wall Street in the wake of its worst session of the year and a few hours before the publication of the minutes of the US Federal Reserve's latest monetary policy meeting.

In Paris, the CAC 40 lost 0.13% to 7,299.26 points. The British Footsie was down 0.68% and the German Dax was flat.

The EuroStoxx 50 index gave up 0.24%, the FTSEurofirst 300 fell by 0.33% and the Stoxx 600 by 0.38%.

At the time of closing in Europe, Wall Street was trading close to equilibrium: the Dow Jones gained 0.12%, the Standard & Poor's 500 0.03% and the Nasdaq Composite 0.11%.

At 19:00 GMT, the US market will take note of the minutes of the Fed's February meeting, which resulted in a slowdown in the rate hike to a quarter-point. The document could provide investors with further indications of the mood within the Federal Open Market Committee (FOMC) a month ahead of its next decision.

"The 'minutes' should indicate that the fight against inflation isn't over yet, and that some regions of the US are showing pockets of consumer resilience," said Peter Cardillo, chief economist at Spartan Capital Securities. "All indicators tend to show that the Fed remains hawkish."

Several solid indicators - on the labor market, economic activity or consumer spending - have undermined the stock market rally at the beginning of the year, based on an economic slowdown scenario capable of convincing central banks to suspend their interest rate hikes.

German business sentiment improved in February for the fourth consecutive month, confirming signs of recovery in Europe's leading economy.

VALUES

At the top of the CAC 40, Danone advanced by 4.49% as the food group posted better-than-expected quarterly sales, boosted by higher prices. Stellantis gained 2.10% after reporting better-than-expected growth in second-half operating profit.

In the red, Korian plunged 19.86% to post its worst session since listing at the end of 2006, following the publication of annual results and forecasts for 2023 that were deemed disappointing.

Euronext shed 7.44% after announcing an indicative offer to buy fund distribution platform Allfunds, up 17.25%.

The Frankfurt Stock Exchange limited its losses thanks to Fresenius Medical Care, whose shares jumped 7.32%, its parent company Fresenius SE having announced plans the previous day to cede strategic control of the ailing dialysis group.

RATES/CHANGES

The yield on the ten-year German Bund rose to its highest level in over ten years on the prospect of a higher-than-expected central bank terminal rate. It ended the day at 2.514% after reaching 2.57% for the first time since August 2011.

Its US equivalent climbed to its highest level since mid-November, to 3.969%, before easing back to around 3.92%.

The dollar gained 0.15% against a basket of currencies, while the euro traded at around $1.062.

OIL

The oil market is down for the third session in a row, with concerns about demand gaining momentum just hours before the release of the Fed's "minutes", which may suggest the need for further rate hikes.

Brent crude lost 2.19% to $81.23 a barrel, and West Texas Intermediate (WTI) 2.4% below $75.

TO BE CONTINUED ON THURSDAY :

(Laetitia Volga, edited by Blandine Hénault)

by Laetitia Volga