European stocks face decline on fears of prolonged interest rate hikes

February 23, 2023 (MLN): European stocks faced a decline amidst concerns raised by economic data about the possibility of a longer period of interest rate hikes.

Investors are anxiously waiting for the release of the Federal Reserve meeting minutes for a better indication of the US central bank's monetary policy tightening path, as reported by APP. 

The European STOXX 600 index decreased by 0.3%, with the banking sector index falling by 1.6% from its one-year high in the previous session.

Additionally, the basic resources sector index witnessed a 2.1% drop, while the energy sector shares declined by 1.3%, driven by falling commodity prices.

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