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European stocks slide as heavyweight tech, healthcare drag

Published 28/08/2020, 08:36
Updated 28/08/2020, 08:42
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Aug 28 (Reuters) - European stocks slipped on Friday as
investors dumped recent winners including technology and
healthcare stocks and bid up banking shares after the U.S.
Federal Reserve unveiled its new policy framework.
The pan-European STOXX 600 index .STOXX fell 0.6% by 0723
GMT. Technology stocks .SX8P , which have surged about 11% this
year, were down 1.1%, and healthcare index .SXDP slipped 0.8%.
Interest rate-sensitive banks .SX7P , which have lagged the
broader markets, were up 0.3%.
Fed Chairman Jerome Powell announced a new policy framework
on Thursday, which focuses more on boosting economic growth and
less on worries that inflation could be running too high.
Norwegian Air NORR.OL slumped 8.6% after the budget
carrier said it still needs more cash in order to weather the
COVID-19 pandemic as it reported a deep loss for the first half
of 2020.

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