Shares in Europe rose, while US stocks were flat yesterday, as investors awaited a US Federal Reserve meeting and digested a raft of company earnings reports. 
In Europe, London closed 0.6% firmer after an earlier drift as official data showed British economic growth slowing in the first quarter. 
The OECD also warned Britons would be financially worse off if they voted to leave the European Union in June. 
Ruth Miller, of Capital Economics, said Brexit fears, as well as jittery markets and concern about the global recovery early in the year, were all probably at play in Britain’s slowing growth. 
“Of course, there is still a risk that Brexit jitters will further sap the recovery of its momentum in Q2 (second quarter),” she said in a note to investors. 
“But even if growth did continue to slow, so long as the UK voted to stay in the EU, we would probably just see a bounceback in Q3 (third quarter).” 
Shares in German sportswear maker Adidas helped drive Frankfurt higher, after the company again lifted its forecasts ahead of June’s Euro football championship. 
The CAC also closed 0.6% higher with investors tentative ahead of news from the Fed later. 
The US central bank wraps up its meeting later yesterday with a statement that could shed light on the future path of American interest rates. 
After the turmoil across world markets earlier this year, the Fed has lowered its forecasts for borrowing costs in 2016, saying it will closely watch overseas developments before making a move. 
“Literally no one expects them to announce a rate hike today, but there is a sense that they will prepare the markets for a June rate hike by dropping hints in this statement,” Sheraz Mian, of Zacks Investment Research, said in a note to investors. 
Sentiment was meanwhile dampened by disappointing earnings news from US tech giant Apple, dealers said. 
Apple said on Tuesday that waning demand for its popular iPhone handset led to the firm’s first dip in revenue since 2003 and was likely to continue this year as a growth slowdown in China drags on that crucial market. 
Apple shares sank 7.2% yesterday after its fiscal second-quarter earnings report released late Tuesday showed a fall in profits and the first drop in quarterly revenues since 2003. 
Separately, Twitter shares dived 16.4% as growth in regular users appeared to stall, according to its first-quarter earnings report. 
“More disappointing results from US tech... knocked sentiment in Asia overnight and offset the positive US close and a rebound in Chinese industrial profits,” noted Mike van Dulken, head of research at traders Accendo Markets. Page 15