European stocks decline on interest rate concerns, Novartis ‎shares up

European stocks fell today, Thursday, affected by the decline in technology stocks that are sensitive to interest rate movements, due to expectations that large central banks will continue to raise interest rates, but the gains of the Swiss health care group Novartis contributed to limiting losses.

And by 0715 GMT, the European Stoxx 600 index fell 0.1 percent, and the technology sector index fell 1.3 percent.

According to “Reuters”, stocks were negatively affected by fears that the Federal Reserve (the US central bank) may raise interest at its meeting next week and expectations that the European Central Bank will continue to tighten its monetary policy.

Novartis shares rose 1 percent after the company said its Sandoz generics unit, which has the same patented drug formulation and which it will soon spin off, is expected to expand its product line and could bring in an additional $3 billion in net sales over the next five years.