Puma shares leap 17% on takeover reports as European stocks trade steady

LONDON — Shares of footwear maker Puma rose 17% Wednesday on a take-private report as European stocks traded sideways ahead of the U.S. Federal Reserve's policy decision.

The pan-European Stoxx 600 was flat, with technology, real estate, and healthcare sectors gaining while energy and mining stocks declined.

Shares of footwear maker Puma rose 17% to the top of the Stoxx 600 after a German business magazine reported that private equity firm CVC Partners was among investors interested in taking the company private.

Elsewhere, wind energy developer Orsted lost most of its gains from earlier in the day to end 0.3% higher, although shares remain on track to break a four-day losing streak. The stock has been selling off amid the company's plans to issue shares at a deep discount, which comes as the Trump administration pushes back on wind energy development in the United States.

On the data front, the latest U.K. inflation figures showed on Wednesday that annual price growth held steady at 3.8% in August. The print also revealed that food prices had risen to 5.1% on an annualized basis in August, while alcohol and tobacco prices hit 5.9%.

Global markets are also focused on the Fed today with the central bank widely expected to cut interest rates by 25 basis points, according to the CME's FedWatch tool. The decision is due at 7 p.m. London time (2 p.m. ET).

Policymakers will also share more insight into their outlook for rates over the next year or so in the closely-watched "dot plot" grid that accompanies their quarterly Summary of Economic Projections.

In other news, Trump's state visit to the U.K. is in full swing on Wednesday, with the president and his wife, Melania, spending the day at Windsor Castle with King Charles and Queen Camilla before holding talks with U.K. Prime Minister Keir Starmer on Thursday.