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Europe close: Stocks fall sharply as bond yields continue grind higher
(Sharecast News) - European stocks dropped sharply, tracking losses on Asian markets amid the drag from mining and utility stocks. Overnight, three top US central bank officials weighed in with relatively hawkish remarks.
Two of the them, Governor Michele Bowman and the head of the Cleveland Fed, Loretta Mester, argued for another rate hike, more than one in the case of the former.
The Europe Stoxx 600 Index fell 1.1% to 440.70, after a sell-off on Asian indices which saw the MSCI AC Asia Pacific ex Japan Index drop to its lowest in 2023.
Frankfurt's Dax index was down 1.06% to 15,085.21, the Cac 40 in Paris fell 1.01% to 6,997.05.33, while Milan's FTSE MIB was 1.32% lower at 27,482.21.
In parallel, 10-year German Bund yields was four basis points higher to 2.968% and the euro off by 0.11% to 1.0468 versus the U.S. dollar.
Mining stocks were under the weather early as commodity prices pulled back, with Rio Tinto, Glencore, ArcelorMittal and Sandvik trading in the red. Recent dollar strength has hit the price of gold and copper in recent days, with both trading at multi-month lows.
Defensive utility stocks were also out of favour as the yields on government bonds continue to rise. National Grid, United Utilities Engie, RWE and Verbund all retreated.
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