European luxury brands plunge on Kering profit warning; markets open lower ahead of Fed rate decision

European markets opened lower on Wednesday as investors awaited the latest monetary policy decision from the U.S. Federal Reserve. The pan-European Stoxx 600 was down 0.2% in early trading, with household goods falling 1.8%. Luxury goods brands LVMH, Christian Dior, Hermes, and Burberry all saw declines of over 2%, following a rare profit warning from Kering on declining Asia sales. U.K. inflation for February came in lower than expected at 3.4% year on year, down from 4% in January. The Fed is expected to keep rates unchanged, but concerns about inflation are growing.