Tuesday, 28 May 2024

Tech shares lead European market losses ahead of Fed meeting

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European stocks fell on Monday amid anticipation ahead of a series of central bank meetings later this week, with interest rate-sensitive stocks such as the technology sector among the main losers.

According to “Reuters”, the European Stoxx 600 index fell 0.6 percent by 0818 GMT.

The technology index led the declining sectors by 2.1 percent

Expectations indicate that the Federal Reserve (the US central bank) will raise interest rates by 25 basis points on Wednesday to 4.50 and 4.75 percent, while the European Central Bank and the Bank of England will increase interest rates by 50 basis points to 2.50 and 4.0 percent on Thursday. ..

Philips shares increased 4.3 percent after the Dutch health technology company announced the abolition of 6,000 jobs to return to profitability after it withdrew ventilators, which caused a 70 percent reduction in its market value.

But German renewable energy company BNE fell 15.3 percent after the infrastructure investment arm of Morgan Stanley told the company’s board that it was no longer interested in continuing talks with potential buyers of Foton’s stake in BNE.

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