FRANKFURT, Jan 7 ― European stocks tumbled from record highs yesterday as hawkish signals from the minutes of the US Federal Reserve's December meeting battered technology shares with the prospect of rising interest rates.
European technology stocks were among the biggest decliners in the region, falling 2.4 per cent as the prospect of higher rates made future earnings appear less attractive. Data showed German annual inflation slowed in December, but remained well above the European Central Bank's target range. A mix of inflation fears, rising interest rates and the spread of the Omicron Covid variant has spooked investors in recent sessions.
Adding to worries, a French government spokesperson said a “supersonic” rise in Covid-19 infections was set to continue in the coming days and there were no signs of the trend reversing.
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