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European Stocks Fall on Fed Rate Outlook Worries; Adyen Plunges

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(Bloomberg) -- European stocks extended declines after minutes from the Federal Reserve’s policy meeting in July suggested further interest-rate increases could be needed to contain inflation.Most Read from BloombergFed Saw ‘Significant’ Inflation Risk That May Merit More HikesNiger Soldiers Killed in Attacks by Armed Group, Ecowas SaysGoldman CEO’s Most Loyal Deputy Is Tested by Mutinous PartnersKen Griffin Reshaped Law Banning Chinese Real Estate PurchasesGoldman Sachs Blames Zero-Day Options

The Stoxx Europe 600 fell 0.7% by 3:08 p.m. in London, declining for a third session. Industrial goods and services stocks led the retreat, while the basic resources and energy sectors were the biggest gainers.

Minutes from the Fed’s July policy meeting showed that most participants continued to see “significant upside risks to inflation, which could require further tightening of monetary policy.” However, two officials favored leaving rates unchanged or “could have supported such a proposal” instead of the rate hike authorized by the Federal Open Market Committee.

Investors remained concerned about signs of weakness in Chinese markets. Zhongzhi Enterprise Group Co., the Chinese shadow banking giant whose liquidity crisis has fanned fears about financial contagion, is planning to restructure its debt and hired KPMG LLP to conduct an audit of its balance sheet, according to people familiar with the matter.

 

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