By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets slipped from
multiyear highs in downbeat action on Wednesday, as investors
stayed cautious ahead of comments from the U.S. Federal Reserve
Chairman Ben Bernanke.
The Stoxx Europe 600 index lost 0.2% to 309.26, retreating from
the highest closing level since June 2008, reached on Tuesday.
Among biggest decliners, shares of Kazakhmys PLC dropped 4.8%,
after UBS cut the miner to neutral from buy.
On a more upbeat note, shares of Britvic PLC surged 8.4%, after
the beverage firm said adjusted earnings per share rose 48% for the
28 weeks to April 14, while increasing dividends 1.9% to 5.4 pence
(82 cents).
For the broader European stock markets, most investors were
hesitant to make any major moves, ahead of events in the U.S. that
could provide some clarity on how and when the Fed chooses to fade
out its $85-billion-a-month bond-purchase program. At 3 p.m. London
time, 10 a.m. Eastern, Bernanke testifies before the Joint Economic
Committee of Congress, his first testimony there since late
February.
After the European market close the central bank releases the
minutes from its April 30-May 1 meeting, hoping to provide some
more insight in the Fed's stance on quantitative easing.
Back in Europe, minutes from the Bank of England's latest policy
meeting are on tap in midmorning trade.
The U.K.'s FTSE 100 index traded 0.3% lower at 6,785.82,
dropping after climbing to the highest closing level since December
1999 on Tuesday.
Germany's DAX 30 index dropped 0.1% to 8,462.02, on track to
break an 11-day winning streak and retreat from an all-time
high.
France's CAC 40 index slipped 0.1% to 4,033.52. Shares of
Lagardere SCA added 2.5%, after J.P. Morgan Cazenove lifted the
stock to neutral from underweight.
Outside the major indexes, shares of Roche Holding AG gained
1.4%, after Citigroup lifted the drug maker to buy from
neutral.
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