© Reuters. Electronic screens display the movement of the DAX stock index on the Frankfurt Stock Exchange on Monday. Photo by Reuters
(Reuters) – European stocks closed at their lowest levels in more than a month on Monday as concerns about interest rates remaining high for longer and a slowdown in China’s economy weighed on investor sentiment.
The European index closed 0.6 percent lower, declining for the third session in a row. Shares of travel, entertainment, household and personal goods companies fell by more than two percent each, leading the declines in the sectors.
Shares of LVMH and Kring, which were affected by the situation in China, fell 2.6 percent and 4.5 percent, respectively, amid continuing concerns about growth in the second largest economy in the world.
Mining company shares fell 0.8 percent as metal prices fell due to rising inventories and fears that high interest rates would remain high for a longer period globally.
Investors evaluated central banks’ decisions after the Federal Reserve (US central bank) indicated further monetary tightening while the European Central Bank hinted at temporarily stopping raising interest rates in October, while Britain, Switzerland and Japan showed a less stringent stance on… Suddenly.
European Central Bank President Christine Lagarde said on Monday that raising interest rates on deposits could help bring inflation down to two percent.
The German company fell by 1 percent after the latest data showed that German company morale deteriorated in September, falling for the fifth month in a row.
(Prepared by Muhammad Attia for the Arabic Bulletin – Edited by Rehab Alaa)
2023-09-25 17:54:00
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