(Reuters) – European shares dropped on Wednesday. After a Profit Warning hit Banks, a Credit Suisse slide of nearly 6% quickly erased opening gains. Meanwhile, falling metal prices weighed heavily on miners.

By 0721 GMT, the pan-European index had fallen 0.1% after it rose by 0.3% to open track a rally global equities.

Credit Suisse stated that banks fell by 1%, further hurting the bank.

Miners fell 0.7% as iron ore prices and base metals dropped. [IRONORE/] [MET/L]

However, losses could be limited by energy stocks which track oil prices higher and retails such as Zara. Inditex The (BME) rose 4.1% following a 80% increase in its net profit during the February-April period. [O/R]

All eyes were focused on the central bank movements with the European Central Bank meeting on Thursday and the U.S. Federal Reserve meeting next week.

As inflation reached an all-time high, money markets increased their wagers on ECB rate increases to price in 75 basis point increases between September and October.[ECBWATCH]

The central banks has not yet indicated any hikes that would begin in July, and it is widely anticipated to increase its stance in increments of 25 basis points.