European shares tumbled nearly 2% on Wednesday as investors grappled with dual concerns that aggressive U.S. rate hikes could hurt growth and further Western sanctions on Russia that could further fuel the economy. inflation.
Ending a three-day streak of gains, the pan-European STOXX 600 index closed down 1.53% at 455.97 points and recorded its worst day in nearly a month. Losses were wide and technology and travel stocks weighed the most on the index.
Federal Reserve Director Lael Brainard said on Tuesday that she expects interest rate hikes and a rapid reduction in the US central bank’s balance sheet to bring monetary policy to a “more neutral position” this year. The declarations sparked a global sell-off.
Meanwhile, the US announced a new round of measures against Russian banks, as well as Kremlin officials and their families, on Wednesday. The European Union proposed banning Russian coal and even oil imports on Tuesday.
- In London, the Financial Times index dropped 0.34%, to 7,587.70 points;
- In Frankfurt, the DAX index fell 1.89% to 14,151.69 points;
- In Paris, the CAC-40 index lost 2.21%, to 6,498.83 points;
- In Milan, the Ftse/Mib index had a devaluation of 2.06%, to 24,447.36 points;
- In Madrid, the Ibex-35 index registered a drop of 1.64%, to 8,482.10 points;
- In Lisbon, the PSI20 index depreciated by 0.56%, to 6,066.82 points.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
