Stability of European stocks ahead of the US interest rate decision

European stocks opened flat on Wednesday ahead of the Federal Reserve’s widely expected decision to halt interest rate increases, while sports betting Entene shares tumbled after announcing a deal to buy another company.

The European Stoxx 600 index settled at 463.49 points by 0709 GMT, while the travel and leisure sector index fell 0.9 percent.

Shares in Entin, owner of British bookmaker Ladbrokes, plunged 10 percent to the bottom of the STOXX 600 after it said on Tuesday it would buy Polish-based sports betting firm STS Holdings for 750 million pounds ($946 million).

Almost the entire market expects the Federal Reserve to keep interest rates in a range between 5% and 5.25% in its expected decision later in the day, with 63% expecting a rate hike in July, according to CME’s VideoWatch tool.

The European Central Bank will hold its monetary policy meeting on Thursday and is expected to raise interest rates by another 25 basis points to tame runaway inflation.