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European stocks closed lower on Wednesday, with the STOXX 50 down 0.4% and the STOXX 600 little changed, as investors turned cautious amid renewed Middle East tensions following US-Iran strikes and ahead of Thursday’s ECB monetary policy decision. The central bank is widely expected to raise interest rates by 25 basis points, with markets focused on any guidance regarding the future trajectory of policy. In the US, the May CPI report showed inflation at a three-year high of 4.2%, in line with forecasts, strengthening expectations of a Federal Reserve rate hike in December. In the UK, banking stocks extended the previous session’s losses after a JP Morgan note warned that new Chinese regulations could have a larger-than-anticipated impact. STMicroelectronics also ended slightly lower, despite being upgraded to “buy” from “neutral” by BofA Global Research.
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