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.

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