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European stocks steady as banks offset declines in utilities By Reuters

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European stocks steady as banks offset declines in utilities

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 29, 2023. REUTERS/Staff/File Photo

Strong economic data on Monday and the passage of a U.S. funding bill to avert a federal government shutdown boosted the dollar to 11-month highs and the"The fight against inflation has raised the cost of capital to levels that have triggered open cracks in the global economy," said Peter Garnry, head of equity strategy at Saxo Bank.ORSTED

Miners fell 0.5% as metal prices slid against a stronger dollar, although banks and insurers that tend to benefit from higher interest rates, rose about 0.5%, each. Shares of German online fashion retailer Zalando slid 2.8% after Deutsche Bank cut forecast for adjusted earnings before interest and taxes, while British luxury firm Burberry dropped 2.4% following a UBS downgrade.

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