Economic news

Europe Shares Slide as Fed's Hawkish Tone Hits Miners Stocks

June 21 (Reuters) - European shares fell on Monday as mining and bank stocks bore the brunt of a surprise shift in the U.S. Federal Reserve’s stance on monetary policy last week.

The pan-European STOXX 600 index was down 0.6% at a more-than-two-week low by 0704 GMT.

The index snapped a four-week winning streak on Friday after the Fed signalled it could raise interest rates much sooner than expected.

Mining stocks fell 1.7% to track a slump in metals prices, while banking shares lost 1.3% as investors booked profits after a run that has lifted them more than 20% this year.

Focus later in the day will be on a speech by European Central Bank President Christine Lagarde to the European Parliament.

In company news, Italian-American vehicle maker CNH Industrial slipped 1.3% after agreeing to a deal to buy Raven Industries at an enterprise value of $2.1 billion.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree