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Powell disappointment hits European stocks, tech slides again

Published 05/03/2021, 09:28
Updated 05/03/2021, 09:30
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 5 (Reuters) - Rising U.S. bond yields put European
equities under pressure again on Friday after Federal Reserve
Chair Jerome Powell's remarks failed to soothe investor concerns
about a recent surge in borrowing costs.
The pan-European STOXX 600 .STOXX fell 0.9% in early
trading, with shares of travel .SXTP , mining .SXPP , and
financial services companies .SXFP leading the declines.
While Powell said the rise in yields was "notable", he did
not consider it a "disorderly" move, or one that pushed
long-term rates so high the Fed might have to intervene in
markets more forcefully to bring them down. The comments fuelled a sell-off on Wall Street on Thursday,
pushing the tech-heavy Nasdaq .IXIC to erase its yearly gains.
European tech shares .SX8P also fell 1.0%, on course for their
second weekly loss.
Oil stocks .SXEP slipped as crude prices jumped to near
14-month highs after OPEC and its allies agreed not to increase
supply in April. O/R
London Stock Exchange Group LSEG.L fell 3.6% despite
posting steady full-year results for 2020 and announcing a 7%
dividend increase.

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