Europe’s telecoms sector was up around 0.1 percent on Wednesday. Almost every stock in the index was moving higher with Deutsche Telekom among the biggest gainers after Kepler Cheuvreux raised its stock recommendation for the firm to “buy” from “hold”. Shares of the German telecommunications giant were up around 1 percent.

Looking at individual stocks, Europe’s largest home improvement retailer surged to the top of the benchmark after reporting stronger-than-anticipated earnings. Kingfisher posted a 1 percent rise in first-half profit in 2017 but warned it was cautious for the next six months of the year, pointing to the economic backdrop in both France and Britain. Its shares were more than 5 percent higher.

Germany’s ThyssenKrupp and India’s Tata Steel announced a preliminary deal to merge their European steel operations on Wednesday, a joint venture that is set to create the continent’s second-largest steel group. Shares of ThyssenKrupp jumped more than 2 percent on the news.

On Wall Street, stocks opened mixed in the run up to the Federal Reserve’s announcement of when it will begin the process of normalizing its $4.5 trillion balance sheet.

The central bank is expected to keep interest rates unchanged, but may indicate when it will next hike rates. The decision is expected at 2 p.m. ET on Wednesday.

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