2023-06-23 17:19:55
European stocks fell, Friday, at the end of a week full of central bank decisions on monetary policies that reinforced views that interest rates may remain high for a longer period, and Siemens Energy shares tumbled following it withdrew its annual profit forecast.
price movements
The pan-European Stoxx 600 index closed down 0.3 percent following data showed that business growth in the euro zone faltered this month, with a further slowdown in the manufacturing sector.
The index’s losses amounted to 2.9 percent for the whole week, marking the worst weekly performance in more than three months, as investors absorbed interest-raising decisions from large central banks, including those of England, Norway and Switzerland, with the specter of inflation remaining high for a longer period.
Investors are also concerned regarding the impact of extended monetary tightening cycles on the global economic recovery, with fears of a recession in Britain exacerbated following the Bank of England raised interest rates by 50 basis points, which exceeded expectations.
The German DAX index fell 1 percent, incurring the largest loss among its regional peers, with shares of “Siemens Energy” falling by 37.3 percent.
The company, which supplies equipment and services to the energy sector, warned that quality problems at its Siemens Gamesa wind turbine unit would affect it for years.
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