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European Stocks Slide to Six-Month Low on Interest Rates Worry

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European equities fell to six-month lows on Wednesday, as conviction grew that central banks were set to keep interest rates high for a prolonged period of time.

The Stoxx 600 index slid 0.2% on the day, falling for a fifth straight session and ending at its lowest level since March. Germany’s DAX slipped 0.2%, while France’s CAC 40 was little changed, with both indexes plumbing six-month lows. The pan-European index is on track for its first lossmaking quarter of 2023.

Among individual movers, Dutch insurer NN Group NV plunged the most since its listing after a court concluded that it shouldn’t have imposed certain costs and deductions on some unit-linked insurances. Retailer Hennes & Mauritz AB rallied after posting a bigger-than-expected earnings gain reducing an inventory backlog that’s plagued the company for more than seven years.

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