European stocks decline on lower mining stocks, interest rate ‎fears

European stocks opened lower today, Wednesday, affected by the decline in shares of mining companies due to the decline in metal prices, and strong economic data raised concerns that interest rates will remain high for a longer period.

According to Reuters, the European Stoxx 600 index fell 0.4 percent by 0809 GMT. Investors are also awaiting the publication of the minutes of the latest Federal Reserve meeting (the US Central Bank), which is scheduled for later today.

The European basic resources index fell 1.4 percent, as mining stocks tracked the decline in copper prices, which in turn were affected by concerns about the outlook for demand from China.

Data on Tuesday showed that economic activities in France and Germany returned to growth, and the recovery in business activities in the United States supported views that interest rates in the American economy as well as Europe will remain high for a longer period.

Bucking the trend, Stellantis rose 1.9 percent after the automaker said its operating profit grew 17 percent in the second half of last year, supported by a strong combination of production and pricing.