Technology Stocks Push European Stock Markets Lower

Technology stocks pushed European stock markets lower Wednesday after hawkish comments from Federal Reserve Chairman Jerome Powell, while real estate stocks tumbled after expectations of yet another rate hike raised concerns about the cost of mortgages as US inflation continued to decline. Britannia.

European Stoxx 600 Index Continues Decline

The European Stoxx 600 index closed down 0.5%, continuing its decline for the third consecutive session.

Federal Reserve Chairman Jerome Powell’s Comments Spark Concerns

Powell told US lawmakers that the battle against inflation is “far away” and that officials agree that borrowing costs may need to rise despite a pause in interest rate hikes at the latest meeting of the Monetary Policy Committee. .

Technology Stocks Suffer 1.6% Loss

Technology stocks, which are sensitive to changes in interest rates, shed 1.6%.

UK CPI Falls Short of Expectations

The UK CPI fell short of expectations and remained at 8.7% in May. The data comes a day before the meeting of the Bank of England’s monetary policy committee, which is expected to raise interest rates for the thirteenth time in a row, and the index of the real estate sector fell by 1.6%.