The pan-European Stoxx 600 Index fell 0.3% by the close in London, with retail and industrial-goods sectors trading lower. Concerns were underlined by the European Central Bank’s new economic estimates, which will show an inflation forecast for 2024 above 3% — strengthening the case for further tightening.
Auto stocks gave up earlier gains after the European Union said it was launching an investigation into Chinese subsidies for electric vehicles, amid concerns of possible retaliation from China. Among other individual stocks, BP Plc shares fell after its Chief Executive Officer Bernard Looney resigned over a failure to fully disclose past relationships with colleagues. Novo Nordisk A/S shares declined to reverse initial gains, after Europe’s most valuable company implemented a 2-for-1 split.
As pressure builds for Europe’s central bank to hike interest rates at its meeting on Thursday, investors can expect that further monetary tightening will dim the immediate prospects of the European economy.
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