European stocks continue to decline
European stocks fell for the third day in a row, Wednesday, driven by declines in commodity-related stocks and retail stocks, while US and European bond yields stopped rising after reaching their highest levels in several years.
The European STOXX 600 index closed down 0.1 percent, touching its lowest levels in six months.
The energy sector led the decline, declining 2.1 percent, recording its worst daily performance in about three months, as oil fell by more than three dollars a barrel due to demand concerns.
Mining company shares fell 0.9 percent, tracking the decline in metal prices.
The retail trade companies index fell 1.7 percent, to its lowest levels in about four months, as consumers face the brunt of rising prices.
Bank shares fell 0.38 percent.
Global stocks have witnessed a wave of selling recently, as the hawkish views of central bank policymakers and strong US economic data reinforced the bet that interest rates will remain high, leading to higher bond yields.
After rising to their highest levels in more than a decade, euro zone bond yields stabilized as European Central Bank policymakers indicated that the interest rate hike cycle was likely complete.
Longer-term US Treasury bond yields fell from their highest levels in 16 years after the national employment report was less strong than expected.
A survey showed that the euro zone economy likely contracted in the last quarter of the year, with demand falling in September at the fastest pace in nearly three years as consumers curbed spending.
#European stocks
#Bonds
2023-10-04 17:14:44
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