European shares track Wall St gains after Fed

European stocks inched higher in early trade on Thursday, tracking gains on Wall Street after the US Federal Reserve renewed its pledge to keep ultra-low interest rates for a ‘considerable time’. At 0703 GMT, the FTSEurofirst 300 index of top European shares was up 0.3 per cent at 1,388.64 points. On Wednesday, the Fed reaffirmed its commitment to keep interest rates near zero for a ‘considerable time,’ and repeated concerns over slack in the labor market, standing firm against calls to overhaul its policy statement. However, the Fed also indicated it could raise borrowing costs faster than expected when it starts moving. The central bank's new rate projections suggested officials were positioning themselves for a potentially faster pace of rate hikes than they had envisioned when the last set of forecasts were released in June. UK stocks underperformed in early trade, with the FTSE 100 up 0.1 per cent - less than gains of 0.4 per cent on Germany's DAX and 0.2 per cent on France's CAC, according to Reuters.