European shares fall under pressure

European shares fell on Wednesday, quickly giving up gains at the open, as a 6% drop in Credit Suisse shares after an earnings warning put pressure on the banking sector, while metal prices also pressured mining stocks.

The pan-European Stoxx 600 index fell 0.1 percent, after rising at the opening 0.3 percent, tracking the impact of the rise in global stocks.

The banking sector fell 1 percent, with Credit Suisse announcing that it is likely to incur a group-wide loss in the second quarter, in a new blow to the troubled bank.

The mining companies sector also fell 0.7 percent, with the decline in the prices of iron ore and other metals.

But the rise in the energy sector, which tracked the impact of oil prices, limited losses, and retail stocks also rose after the share of Zara store owner Inditex jumped 4.1% after the company announced an 80% jump in net profit in the period from February to April.

All eyes are directed to the actions of the European Central Bank, which is scheduled to meet tomorrow, Thursday, and the actions of the US Central Bank, which is scheduled to hold a meeting next week.