European shares muted as losses in energy offset gains in financials

The benchmark index hit a record high on Wednesday, as lesser-than-expected rise in U.S. consumer prices in April boosted bets for a September Federal Reserve rate cut.

Automobiles were the worst hit as and dropped 5.6% and 3.1%, respectively, upon trading ex-dividend.

also fell 0.9%, with oil major shedding 2% on trading ex-dividend.

Shares of lost 1.5% as second-quarter industrial profit fell 2% and missed estimates after a slowdown at its flagship factory automation division.

Meanwhile, Zurich Insurance climbed 2.1% reporting rising first-quarter property and casualty premiums, helped by increased rates.

Reinsurance company Swiss Re rose 3% after reporting better-than-expected first-quarter net profit and on plans to exit its digital white-label business.