{"id":115621,"date":"2021-03-05T11:06:22","date_gmt":"2021-03-05T11:06:22","guid":{"rendered":"https:\/\/precoinnews.com\/?p=115621"},"modified":"2021-03-05T11:06:22","modified_gmt":"2021-03-05T11:06:22","slug":"european-stocks-slide-after-powell-remarks-set-for-weekly-gain","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/european-stocks-slide-after-powell-remarks-set-for-weekly-gain\/","title":{"rendered":"European stocks slide after Powell remarks, set for weekly gain"},"content":{"rendered":"

(Reuters) – Rising U.S. bond yields put European equities under pressure again on Friday after Federal Reserve Chair Jerome Powell\u2019s remarks failed to soothe investor concerns about a recent surge in borrowing costs.<\/p>

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 3, 2021. REUTERS\/Staff<\/figcaption>

The pan-European STOXX 600 fell 0.7%, with shares of travel, media <\/span>.SXMP<\/span>, and financial services companies leading the declines.<\/span><\/p>\n

While Powell said the rise in yields was \u201cnotable\u201d, he did not consider it a \u201cdisorderly\u201d move, or one that pushed long-term rates so high the Fed might have to intervene in markets more forcefully to bring them down.<\/p>\n

The comments fuelled a sell-off on Wall Street on Thursday, pushing the tech-heavy Nasdaq to erase its yearly gains. European tech shares also fell 0.5%, on course for their second weekly loss.<\/p>\n

\u201cThe markets wanted hints as to what the central bank would do if the situation worsens, and when that didn\u2019t materialise, equities took a hit,\u201d Connor Campbell, financial analyst at SpreadEx wrote in a note. \u201cThat\u2019s fed into a rough European open.\u201d<\/p>\n

Elevated yields have piled pressure on high-growth tech companies and steady dividend-paying sectors such as utilities and consumer staples in the recent weeks.<\/p>\n

Still, the STOXX 600 was on course to post a 1.2% weekly rise as investors bought economically sensitive stocks such as automakers, insurance, oil & gas companies on bets of a speedy economic bounceback this year.<\/p>\n

Data showed orders for German-made goods rose by twice as much as expected in January as robust foreign demand more than offset domestic weakness.<\/p>\n

Oil stocks fell just 0.2%, supported by crude prices at near 14-month highs after OPEC and its allies agreed not to increase supply in April.<\/p>\n

London Stock Exchange Group dropped almost 5% despite posting steady full-year results for 2020 and announcing a 7% dividend increase.<\/p>\n

French aircraft manufacturer Dassault Aviation fell 3.1% after recording a drop in quarterly adjusted operating income.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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