European stocks turn lower before Fed policy decision
* Firmer oil prices lift shares of energy companies
* Brenntag rises after forecasting more growth
* Bilfinger slumps after scrapping dividend
* Deutsche Bank, UBS lead declines among banks (Adds details, updates prices)
By Sudip Kar-Gupta and Danilo Masoni
LONDON/MILAN, March 16 (Reuters) - European stocks gave up earlier gains on Wednesday after a report showed U.S. inflation rose more than expected last month, with a rise in the shares of energy and auto companies limiting the fall.
The pan-European FTSEurofirst 300 index fell 0.4 percent to 1,336 points at 1315 GMT. The euro zone's blue-chip Euro STOXX 50 index dropped by 0.5 percent.
Underlying inflation in the United States rose more in February than expected, data showed on Wednesday, bolstering the case for higher interest rates a few hours before the Federal Reserve's announces its policy decision.
"It is unlikely that we'll get a move tonight, but I am definitely looking for a hawkish lean from the Fed with supportive data like CPI at 2.2 percent," said John Hardy, head of Saxo Bank's forex strategy. "There is two-way risk tonight and there could be a lot of volatility in and around the decision." Continuación...