European stocks steady as banks offset declines in utilities

Oct 3 - European shares were nearly flat on Tuesday, with gains in banks and insurers offsetting losses in rate-sensitive utilities as bets that U.S. interest rates would remain higher for longer boosted Treasury yields and the dollar.

The pan-European STOXX 600 index edged up 0.2%, but hovered near a six-month low touched in the previous session. "Higher interest rates and commodity prices have drastically altered the assumptions behind offshore wind power... many projects in the global pipeline were negotiated on assumptions of permanently low interest rates and cheap industrial metals," Saxo's Garnry added.

U.S. Federal Reserve officials including Governor Michelle Bowman and Fed Vice Chair for Supervision Michael Barr said on Monday that monetary policy would need to stay restrictive for"some time" to bring inflation back down to the Fed's 2% target.

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