European shares closed at a two-week high on Wednesday as a slide in commodity stocks offset gains for chip and car makers ahead of a hotly-anticipated European Central Bank meeting.[BENGALURU] European shares closed at a two-week high on Wednesday as a slide in commodity stocks offset gains for chip and car makers ahead of a hotly-anticipated European Central Bank meeting.
European chipmakers ASM International, Infineon Technologies and Siltronic gained between 2.3 per cent and 6.5 per cent.Daimler AG gained 2.5 per cent after saying it would intensify cost cuts after swinging to a quarterly loss.Traders maintain that the next major move for the market may hinge on how strong a signal the ECB sends on Thursday about support for growth, and the US Federal Reserve's response a week later.
Investors have lowered forecasts for corporate earnings and the latest batch of results accompanied purchasing manager surveys that showed euro zone business growth was weaker than expected in July and would get worse. Shares in Deutsche Bank, in the midst of sweeping changes to reboot its business, fell nearly 2 per cent after it reported a bigger than expected loss. Those in Britain's luxury car maker Aston sank 26 per cent after it cut its annual forecast for wholesale sales.
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