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European shares slide on tighter monetary policy fears

June 07, 2022: European shares slipped on Tuesday as optimism around China's gradual reopening faded with investors worried about the impact to global economic growth from aggressive monetary policy tightening.

Australia's central bank raised interest rates by the most in 22 years and flagged more tightening to come as investors keep an eye out for a European Central Bank meeting this week and U.S. inflation data.

The pan-European STOXX 600 index fell 0.4% by 0709 GMT.

Tech stocks led declines, down 0.7%, tracking a slide in U.S. peers overnight. French software maker Dassault Systemes was at the bottom of the STOXX 600 after a brokerage downgraded the company's shares.

London's FTSE 100 was flat as the pound slid.

UK Prime Minister Boris Johnson survived a no-confidence vote on Monday and set out a raft of new policies as he seeks to shore up his position among senior ministers.

SAS slumped 11.5% after the Swedish government said it will not inject new capital into the loss-making airline and does not aim to be a long-term shareholder in the company.

Reuters

Posted on: 2022-06-07T12:30:06+05:00

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