Europe Shares Slide as Feds Hawkish Tone Hits Miners Stocks

0
56

June 21 Reuters European shares fell on Monday as mining and bank stocks bore the brunt of a surprise shift in the U.S. Federal Reserves stance on monetary policy last week.

The panEuropean STOXX 600 index was down 0.6 at a morethantwoweek low by 0704 GMT.

The index snapped a fourweek winning streak on Friday after the Fed signalled it could raise interest rates much sooner than expected.

Mining stocks fell 1.7 to track a slump in metals prices, while banking shares lost 1.3 as investors booked profits after a run that has lifted them more than 20 this year.

Focus later in the day will be on a speech by European Central Bank President Christine Lagarde to the European Parliament.

In company news, ItalianAmerican vehicle maker CNH Industrial slipped 1.3 after agreeing to a deal to buy Raven Industries at an enterprise value of 2.1 billion.

Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta

Source Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here