AGL 38.40 Increased By ▲ 0.25 (0.66%)
AIRLINK 129.30 Increased By ▲ 4.23 (3.38%)
BOP 7.15 Increased By ▲ 0.30 (4.38%)
CNERGY 4.53 Increased By ▲ 0.08 (1.8%)
DCL 8.20 Increased By ▲ 0.29 (3.67%)
DFML 38.34 Increased By ▲ 1.00 (2.68%)
DGKC 80.24 Increased By ▲ 2.47 (3.18%)
FCCL 32.03 Increased By ▲ 1.45 (4.74%)
FFBL 72.89 Increased By ▲ 4.03 (5.85%)
FFL 12.21 Increased By ▲ 0.35 (2.95%)
HUBC 110.00 Increased By ▲ 5.50 (5.26%)
HUMNL 13.86 Increased By ▲ 0.37 (2.74%)
KEL 4.97 Increased By ▲ 0.32 (6.88%)
KOSM 7.45 Increased By ▲ 0.28 (3.91%)
MLCF 37.60 Increased By ▲ 1.16 (3.18%)
NBP 69.51 Increased By ▲ 3.59 (5.45%)
OGDC 188.50 Increased By ▲ 8.97 (5%)
PAEL 25.21 Increased By ▲ 0.78 (3.19%)
PIBTL 7.30 Increased By ▲ 0.15 (2.1%)
PPL 150.51 Increased By ▲ 6.81 (4.74%)
PRL 25.11 Increased By ▲ 0.79 (3.25%)
PTC 17.15 Increased By ▲ 0.75 (4.57%)
SEARL 81.71 Increased By ▲ 3.14 (4%)
TELE 7.51 Increased By ▲ 0.29 (4.02%)
TOMCL 32.90 Increased By ▲ 0.93 (2.91%)
TPLP 8.45 Increased By ▲ 0.32 (3.94%)
TREET 16.60 Increased By ▲ 0.47 (2.91%)
TRG 56.39 Increased By ▲ 1.73 (3.17%)
UNITY 27.99 Increased By ▲ 0.49 (1.78%)
WTL 1.33 Increased By ▲ 0.04 (3.1%)
BR100 10,441 Increased By 352 (3.49%)
BR30 30,789 Increased By 1280.5 (4.34%)
KSE100 97,773 Increased By 3198.7 (3.38%)
KSE30 30,517 Increased By 1072.3 (3.64%)

PARIS: Tech led European shares lower on Wednesday following hawkish signals from Federal Reserve Chair Jerome Powell, while real estate stocks slid as the prospect of more interest rate rises stoked fresh concerns about mortgage costs after UK inflation failed to slow down in May. The continent-wide STOXX 600 index closed 0.5% lower, extending declines to the third consecutive session.

Fed Chair Powell told lawmakers that the fight against inflation still “has a long way to go” and despite a recent pause in rate hikes officials were in agreement borrowing costs would likely still need to move higher.

Rate-sensitive tech stocks shed 1.6%.

In Britain, the consumer price index defied expectations of a slowdown and held at 8.7% in May. The data comes a day before the Bank of England’s policy meeting, where it is forecast to raise rates for a 13th time in a row.

“Given a string of upside surprises in the data showing stubbornly high inflationary pressures and surprisingly strong wage growth, we flag significant upside risk to our call, with the Bank potentially continuing the hiking cycle beyond the August meeting,” said Anna Titareva, an economist at UBS.

Comments

Comments are closed.