European Stocks Slip as Higher-for-Longer Woes Hit Risk Appetite

The Stoxx 600 Index dropped 0.6% as of 8:12 a.m. in London, with almost all the sectors trading under pressure. Energy and mining shares outperformed, while contruction stocks were the biggest laggards.

Among individual movers, Adevinta ASA shares soared after the European classifieds company said it has received a takeover proposal from a private equity consortium that includes Blackstone Inc. and Permira. US Treasury 10-year yields edged above 4.5% for the first time since 2007, after a more hawkish Federal Reserve stance this week is cementing expectation that rates will stay higher for longer. Bank of England hike pause Thursday has been overshadowed by concerns over global surging borrowing costs.

Those worries have led to strategists seeing no further upside in European stocks for the rest of the year. The Stoxx Europe 600 index should end the year at 453 points, according to the average of 16 forecasts in a Bloomberg survey, or just 2% below Wednesday’s close.European mining stocks in focus with iron ore gaining as investors look to Chinese stimulus and restocking at steel mills to bolster demand.

You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance. To subscribe to a daily list of European analyst rating changes, click here.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks step higher as markets wait for Fed: Stock market news todayWall Street stocks set up for a higher open as investors focus on what the Fed plans for the future.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stocks slide after Fed pauses, hints at higher interest rates for longer: Stock market news todayStocks were mixed Wednesday as Wall Street digested the Federal Reserve's decision to hold interest rates steady as expected.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stocks retreat as Wall Street braces for 'higher for longer' rates: Stock market news todayUS stocks were poised to continue their retreat on Thursday as investors worried over the Fed's hawkish stance.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

TSX opens higher on gains in material, healthcare stocks; U.S. Fed rate decision in focusKitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

European Stocks Rise on Cooling UK Inflation Before Fed DecisionEuropean stocks rose on Wednesday as an unexpected slowdown in UK inflation lifted risk appetite ahead of the Federal Reserve’s policy decision later in the day.
Source: BNNBloomberg - 🏆 83. / 50 Read more »