2023-06-21 20:08:26
European stocks – German DAX index
Technology stocks pushed European stock markets lower on Wednesday following hawkish comments from US Federal Reserve Chairman Jerome Powell, while real estate stocks fell following expectations of another rate hike led to concerns regarding mortgage loan costs as inflation in Britain continued to soar.
stock movements
The pan-European Stoxx 600 index closed down 0.5 percent, extending its decline for the third consecutive session.
Powell told US lawmakers that the battle on inflation still “has a long way to go” and that officials agree on the likely need to raise the cost of borrowing, despite the pause in raising interest rates at the most recent meeting of the Monetary Policy Committee.
Technology stocks, which are sensitive to interest rate moves, lost 1.6 percent.
The British consumer price index missed expectations and held at 8.7 percent in May.
The data comes a day before the Bank of England’s Monetary Policy Committee meeting, at which it is expected to raise interest rates for the 13th consecutive time.
The real estate sector index fell 1.6 percent.
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