European shares closed lower today, with energy and technology stocks being the biggest losers as concerns regarding monetary tightening and geopolitical turmoil weighed on sentiment.
The pan-European Stoxx 600 index closed down 0.7 percent, to continue to achieve losses for the third consecutive session.
According to “Archyde.com”, shares of energy companies fell by 2.1 percent, affected by the decline in crude prices due to concerns regarding demand.
Technology shares fell 1.8 percent and were the biggest pressure on the Stoxx 600 index. The sector’s performance is usually weak in the atmosphere of higher interest rates due to fears of pressure on revenues in the future.
A batch of data released this week from the United States reinforced the case for tightening monetary policy by the Federal Reserve.
The Fed is expected to raise the interest rate next week by 75 basis points for the third time, and the European Central Bank raised the interest rate this month by the same amount and indicated more increase in the future.
In light of Western sanctions imposed on Russia over the war in Ukraine, China said today that it will work with Moscow to “instill stability and positive energy in a chaotic world.”
Fears of a gas crisis in Europe due to the war prompted the continent’s leaders to take measures to support businesses and citizens.
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