European Shares Slide On Rising Yields

European stocks were moving lower on Friday as a spike in treasury yields and plummeting oil prices weighed on investors’ risk appetite.

U.S. Treasury yields steadied after a spike sent the benchmark 10-year yield to 1.75 percent for the first time since January 2020 in reaction to the Fed’s decision to allow inflation to accelerate more than normal.

The pan European Stoxx 600 slid 0.2 percent to 425.57 after rising 0.4 percent on Thursday. The German DAX dropped 0.3 percent, France’s CAC 40 index gave up half a percent and the U.K.’s FTSE 100 was down 0.6 percent.

Telecommunications company Telecom Italia lost 5 percent amid uncertainty over Italy’s single broadband network project.

Roche Holding was moving lower. Genentech, a member of the Swiss drug major, is recalling prescription drug Evrysdi or risdiplam as it failed to meet child resistant packaging requirements, according to the U.S. Consumer Product Safety Commission.

Oxford Biomedica shares declined 1.6 percent. The gene and cell therapy group announced that French drug maker Sanofi has given notice intending to terminate their Collaboration and License deal for process development and manufacturing of lentiviral vectors to treat haemophilia.

Pubs chain JD Wetherspoon was down 1.5 percent after posting record half-year loss.

Investec shares slumped 7 percent. The investment advice company said that its profit in the year to March 31 was likely to fall by up to 29 percent.

Lender Barclays dropped 1.3 percent after launching a share buyback plan.