European stocks down with Powell signaling a further rate hike

European stocks fell today, Wednesday, after Federal Reserve Chairman (US Central Bank) Jerome Powell said that there is a possibility of more sharp increases in interest rates, while Adidas, a sportswear company, fell after announcing plans to reduce its annual dividend. ..

According to “Reuters”, the European Stoxx 600 index fell 0.3 percent by 0805 GMT, reaching its lowest level in a week.

The index posted its biggest daily decline in nearly two weeks on Tuesday after Powell said at a hearing before the Senate Banking Committee that the central bank may need to raise interest rates more than expected and was ready to move further to control inflation.

Adidas shares fell nearly 2 percent after the German sportswear maker said it plans to cut its annual dividend to 0.70 euros ($0.7374) per share.

Symrise shares fell 4 percent, pushing the European chemicals sector down after the German flavor and fragrance maker forecast a profit margin for 2023 that was slightly lower than market expectations due to higher costs.