Tech leads European stock sell-off on bets of aggressive Fed rate hikes - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

The pan-European STOXX 600 dropped 1.0% after data showed U.S. consumer prices saw the biggest rise in 40 years in January, and St. Louis Federal Reserve Bank President James Bullard said the print had made him “dramatically” more hawkish.

All subsectors and regions of the STOXX 600 were in negative territory, but rate-sensitive tech stocks were the biggest decliners, plunging 1.8%. The STOXX 600 is set to log its first weekly gain in 2022 on positive earnings and hopes that the ECB may not shift its accommodative stance this year, although price pressures, worrying economic data, and central bank officials’ comments raise fears that the banks may need to act aggressively to curb inflation.

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