© Reuters. A screen showing data from the German DAX index at the Frankfurt Stock Exchange on Monday. Photo: Reuters.
(Reuters) – European stocks fell on Monday as fears that the cycle of interest rate hikes around the world will continue for longer than expected weighed on interest-sensitive technology and real estate stocks.
The European index closed down 0.8 percent, giving up the highest level in nine months, which it recorded on Friday, amid optimism about the economy of the region.
Almost all sub-indices fell, with technology and real estate stocks among the most exposed to selling pressure, with the two sector indices down 2 percent each.
The retail sector index fell 2.2 percent.
Data on Friday showed strong job growth in the United States and a recovery in activity in the service sector last month, which fueled fears of continuing to raise interest rates, two days after Federal Reserve Chairman Jerome Powell acknowledged that inflation had receded, with the bank raising interest rates by a quarter. percentage point.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)
