European stocks close steady on losses in tech stocks

the stock market European ended stable on Tuesday (8), after rising bond yields put pressure on technology stocks, while the sharp drop in Petroleum took the shine off BP’s positive result.

The pan-European STOXX 600 index closed up 0.01% at 465.34 points.

Tech stocks were among the worst performers, down 0.9%, reflecting higher bond yields. euro zone due to speculation about a faster-than-expected tightening of monetary policy by the European Central Bank (ECB).

The ECB President, Christine Lagardetried to calm fears about rising interest rates on Monday (7), saying that there is no need for a major monetary tightening in the euro zone, as the inflation can stabilize around 2%.

Oil and gas shares fell 1.8%, following the roughly 2% drop in oil prices ahead of trade between United States and Will which may result in increased supply.

Energy giant BP lost 2.4% despite reporting its biggest eight-year profit of $12.8 billion in 2021. The company also raised its share repurchase targets to $1.5 billion a year. quarter from $1.25 billion previously.

The STOXX 600 index is struggling for direction after five straight weeks of losses in 2022, as jitters over rate hikes and supply tensions weigh against a promising fourth-quarter earnings season.

In London, the Financial Times index fell 0.08%, to 7,567.07 points. In Frankfurt, the DAX index rose 0.24% to 15,242.38 points.

Paris’ CAC-40 index gained 0.27% to 7,028.41 points, while Milan’s Ftse/Mib index rose 0.31% to 26,411.73 points.

In Madrid, the Ibex-35 index registered an increase of 1.36%, to 8,674.60 points. In Lisbon, the PSI20 index increased by 0.68%, at 5,643.49 points.