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* STOXX 600 down 0.2 pct
* Hermes rises after reporting record margins
* British high st stocks get a hammering
* Fed policy statement due after market close(Adds details and quotes, updates prices)
By Kit Rees
The pan-European STOXX 600 index was down 0.2percent by 0956 GMT, as more cyclical sectors such asfinancials, materials and industrials retreated.
"The Fed meeting is really the big event of the day. Whatwe're looking out for most is the forward guidance ... it's howthe accompanying statement is worded, whether it provesparticularly hawkish, whether policymakers are guiding towardsfour rate hikes this year as opposed to three," said HenryCroft, research analyst at Accendo Markets.
European tech bucked the trend and advanced 0.1percent, led be semiconductor makers.
The sector has, for now, seen little fallout from thereports of Facebook data misuse that have sent the
French luxury goods maker Hermes jumped 3.3percent after its profit margin reached a record in 2017 and thecompany increased its dividend.
It was still doom and gloom in the British retail sector,with Kingfisher down more than 8 percent after beatingfull-year earnings forecasts but warning that the
Smaller
Ubisoft rose 3.7 percent after Vivendisold its entire stake in the video game maker for
Vivendi's shares rose 1 percent.(Reporting by Kit Reesediting by Tom Pfeiffer)
