European Stocks Tumble as Fed Signals Slower Rate Cuts

European stocks tumbled on Thursday, with the benchmark Stoxx index racking up its biggest one-day loss since early November, putting it on course for its biggest percentage drop in five weeks. Investors fled riskier assets including equities and commodities after the US Federal Reserve signalled a slower pace of interest rate cuts next year.

The Fed cut rates as expected on Wednesday after the close of European markets, but chairman Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation.The Iseq fell 0.3 per cent, recovering some of its losses over the course of the session, as investor sentiment improved after a strong opening on Wall Street.Building materials group Kingspan fell 1 per cent to €70.20, while AIB dropped 0.8 per cent to finish at €5.23. Several key stocks bucked the negative trend, with Kerry climbing 0.3 per cent to €92.05 as investors voted on the sale of its milk processing business and Bank of Ireland posting a 0.9 per cent rise to finish the day at €8.67. Ryanair, meanwhile, closed flat at €19.24.London stocks were largely in the red at the start of trading and remained weak despite the Bank of England holding interest rates at 4.75 per cent. The blue-chip FTSE 100 finished 93.79 points, or 1.14 per cent, lower. The domestically focused FTSE 250 mid-cap index was also down 1 per cent, while a stronger sterling and a spike in British gilt yields also kept UK equities under pressure. Water firms Severn Trent and Pennon both made gains after industry regulator Ofwat said firms could increase customer bills by more previously expecte

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