European stocks fell on Wednesday as rising geopolitical tensions and lingering concerns about the Federal Reserve’s rate-hike path dented demand for riskier assets.
The Federal Reserve is scheduled to release the minutes of its latest monetary policy meeting later today, which could shed additional light on the outlook for interest rates.
In economic releases, the headline German IFO Business Climate Index improved to 91.1 in February from a revised reading of 90.1 in January.
Separate data showed that French business climate improved slightly in February.
The pan-European STOXX 600 was down 0.8 percent at 460.31 after declining 0.2 percent on Tuesday.
The German DAX dropped 0.6 percent, France’s CAC 40 index shed 0.7 percent and the U.K.’s FTSE 100 was down 0.9 percent.
Stellantis NV rallied 2.3 percent after the automaker delivered better-than-expected annual profit and announced a new share buyback program for 2023.
Danone rose nearly 2 percent after the world’s largest yoghurt maker delivered its fastest sales growth in more than a decade in 2022.
German healthcare firm Fresenius Medical Care soared 9 percent after reporting a rise in revenue for the fourth quarter.
Lower metal prices weighed on the mining sector, with Anglo American, Antofagasta and Glencore falling 2-3 percent in London.
Rio Tinto lost about 2 percent after posting a 38 percent drop in annual profit and slashing dividend.
Lloyds Banking Group declined 2.4 percent after reporting flat annual profit for 2022.
Primary Health Properties gave up 1.5 percent after reporting a drop in its profit before taxation for the year ended 31 December 2022.
Business News
European Shares Slip Into Red On Rate Worries
2023-02-22 09:36:22
