Europe: Stocks edge lower, Lufthansa drags after profit warning

[BENGALURU] European stock markets closed marginally lower on Monday with a profit warning from Germany's Lufthansa hitting airline stocks, while markets globally awaited clues from the US Federal Reserve on its policy direction.

A swing in money market pricing towards up-to-three rate cuts by the Fed this year have been at the heart of a recovery for stock markets this month after their worst falls in months in May."The market seemed to be in a kind of cautious mode because of the Fed meeting. A lot has been priced in," said Craig Erlam, senior market analyst at Oanda."There is a much higher chance that the Fed intentionally or unintentionally pours cold water over the expectations," he said.

"Lufthansa signaling a weak outlook is hitting all these bigger carriers and that's definitely one negative element this morning," said Chris Beauchamp, chief market analyst at IG.

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