{"id":171475,"date":"2023-02-24T07:37:30","date_gmt":"2023-02-24T07:37:30","guid":{"rendered":"https:\/\/precoinnews.com\/?p=171475"},"modified":"2023-02-24T07:37:30","modified_gmt":"2023-02-24T07:37:30","slug":"european-shares-decline-as-treasury-yields-climb","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/european-shares-decline-as-treasury-yields-climb\/","title":{"rendered":"European Shares Decline As Treasury Yields Climb"},"content":{"rendered":"
European shares fell sharply on Friday after two Federal Reserve officials said interest rates may need to move to a higher level than anticipated. <\/p>\n
More hawkish rate repricing has driven up U.S. Treasury rates and dented demand for riskier assets. <\/p>\n
In economic releases, investors ignored data showing that Germany’s producer price inflation eased for the fourth straight month in January to reach its lowest level in nearly one-and-a-half years amid a continued slowdown in energy prices.<\/p>\n
The producer price index climbed 17.8 percent year-over-year in January, which was slower than the 21.2 percent surge in December. Economists had forecast the price growth to ease to 16.4 percent.<\/p>\n
Elsewhere, U.K. shop sales volumes unexpectedly rose by 0.5 percent in January, after falling in December, official figures showed.<\/p>\n
The pan-European STOXX 600 was down 0.9 percent at 461.07 after gaining 0.2 percent on Thursday. <\/p>\n
The German DAX fell over 1 percent, France’s CAC 40 index gave up 0.9 percent and the U.K.’s FTSE 100 was down 0.3 percent. <\/p>\n
Swiss specialty chemical firm Sika AG rallied 3 percent after its fiscal 2022 net profit grew 11 percent from last year. <\/p>\n
Global reinsurance giant Swiss Re declined 1.4 percent after reporting a dip in net income for the full year 2022.<\/p>\n
Sartorius AG, a German biopharmaceutical firm, fell nearly 2 percent after order intake dropped 6.1 percent in fiscal 2022 from last year.<\/p>\n
Mercedes-Benz Group gained 2.5 percent. The carmaker delivered strong full-year results and said it intends to repurchase up to 4 billion euros of shares over the next two years.<\/p>\n
Allianz SE lost 3.2 percent after fourth-quarter profits fell at its nonlife and asset-management operations.<\/p>\n
Air France-KLM shares jumped more than 9 percent in Paris after the airline reported robust bookings for 2023 and forecast higher margins.<\/p>\n
Kingspan Group shares soared 6.3 percent in London. The Irish building materials firm reported higher revenue and profit last year despite “bumpy” economic conditions.
Medical products maker Smith+Nephew fell about 1 percent after naming Rupert Soames as its new chairman designate.<\/p>\n
Warehouse specialist SEGRO advanced 1.5 percent after delivering a strong operational result for 2022.<\/p>\n
Lender NatWest fell more than 8 percent despite reporting a strong rise in annual profits. <\/p>\n