CORRECTED-European stocks dip after 5-day rally

  • Reuters
  • Stock Market News
CORRECTED-European stocks dip after 5-day rally
Credit: © Reuters.

(Corrects size of move in Inmarsat shares in 9th paragraph)

March 20 (Reuters) - European shares retreated from near six-month highs on Wednesday, with German stocks leading losses as chemicals producer Bayer BAYGn.DE sank 10 percent following another U.S. court verdict on weed killer Roundup's link to cancer.

With eyes on a U.S. Federal Reserve statement and news conference later in the day, and Asian markets broadly lower, the pan-European STOXX 600 index .STOXX fell 0.3 percent as investors booked profits after five sessions of gains.

The Fed is expected to hold interest rates steady and release long-awaited details of a plan to end the monthly reduction of its massive balance sheet. FRX/

Although unchanged rates have been priced in, investors will be watching to see if the Fed's dot plot, the diagram which shows individual committee members' rate views for the coming three years, aligns with the patient approach the Fed has expressed.

A 0.7 percent loss for Germany's DAX .GDAXI was also driven by a pullback in car producers after the sector's best day in more than three months -- a 2.4 percent jump -- on Tuesday.

The unanimous verdict by a San Francisco jury against Bayer, one of Germany's biggest global names, came eight months after another jury issued a $289 million verdict over similar claims against glyphosate-based Roundup in a different case. weighing on the DAX was Munich Re MUVGn.DE , down 1.3 percent after it issued a cautious profit outlook. FTSE .FTSE lost 0.2 percent, weighed down by a 2 percent fall in resources .SXPP stocks across Europe.

Inmarsat ISA.L shares gained 16 percent after it received a cash takeover offer from a private equity-led consortium, a deal that would value the British satellite company at about $3.3 billion and take it private.

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