(Reuters) -European shares were flat on Wednesday, with investors assessing a slew of corporate earnings while awaiting the U.S. Federal Reserve's rate decision later in the day.

The continent-wide STOXX 600 index was flat at 575.66 points, as of 0812 GMT.

The Fed is widely expected to cut interest rates by a quarter-percentage point at the end of its policy meeting on Wednesday, and investors are watching out for any forward-looking commentary from Chair Jerome Powell.

European mining stocks rose 1.7%, healthcare sector added 0.4%. The broader telecom index fell 1% and utilities lost 0.6%.

Meanwhile, U.S. President Donald Trump and his Chinese counterpart Xi Jinping are set to meet in South Korea on Thursday.

Among corporate updates, Mercedes rose 6.4% after the German carmaker reported stronger-than-expected margins at its core autos business.

UBS gained 1.6% after the bank reported a 74% surge in third-quarter net profit, beating expectations.

Deutsche Bank rose 2.6% after it posted a 7% increase in third-quarter profit, defying expectations for a drop.

Equinor lost 1.2% after the energy group reported a bigger-than-expected decline in third-quarter profit.

Focus is also on the "Magnificent Seven" tech titans, Microsoft, Alphabet and Meta Platforms, who are scheduled to report earnings later on Wednesday. The bar is high for them to deliver solid numbers that would justify stretched valuations.