2023-09-07 08:10:00
© Archyde.com. An electronic screen displays data for the German DAX index on the Frankfurt Stock Exchange on September 5, 2023. Photo: Archyde.com.
(Archyde.com) – European stocks fell for the seventh straight session on Thursday, on track for their longest losing streak in more than five years, weighed down by fears of a European economic slowdown and high US interest rates.
And by 0714 GMT, the European index fell 0.4 percent, its lowest level in a week. The last time it posted a seven-day losing streak was in February 2018.
Interest rate-sensitive technology stocks fell nearly 1 percent as returns rose following stronger-than-expected U.S. services sector data on Wednesday raised fears that stubborn inflation means interest rates will remain high for longer.
The Federal Reserve and the European Central Bank are scheduled to make monetary policy decisions this month.
In a fresh sign of slowdown in Europe’s largest economy, data showed that German industrial output fell slightly more than expected in July.
On the other hand, Direct Line (LON:) Group shares jumped 14.1 percent following the British car and home insurance company expected to achieve better operating profits in 2024.
(Prepared by Rehab Alaa for the Arabic Bulletin – Edited by Suha Jadu)
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