European stocks closed sharply lower on Thursday, tracking declines in major equity markets amid concerns about rising global interest rates and new trade barriers with the United States.
The Eurozone STOXX 50 fell 0.6% to 5,435, and the pan-European STOXX 600 fell 0.7% to 550. European yields rose sharply after strong US economic data dampened speculation of two more Federal Reserve rate cuts this year, pressuring credit-sensitive sectors, with Ferrari, Adidas, Stellantis, and Saint-Gobain all down more than 2%.
Meanwhile, shares of biotechnology companies plunged after US authorities launched a new national security probe into imports of medical supplies, robotics, and industrial machinery. Siemens Healthineers, Sartorius Stedim, and Philips all fell more than 3%. On the positive side, H&M jumped 10% after posting stronger-than-expected Q3 earnings. (alg)
Source: Trading Economics
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