European stocks were subdued Wednesday as better-than-expected US jobs data fueled concerns about Federal Reserve Chairman Jerome Powell’s hawkish interest rate rhetoric as investors also priced growth data of the euro area in the fourth quarter.
The pan-European STOXX 600 index closed up 0.08% at 460.99 points after hitting its lowest level in a week, likely helped by Powell’s latest comments that the Fed hadn’t decided what to do next.
Basic resources and technology stocks were the main winners, while real estate bore the brunt of the selling pressure.
US private sector job openings grew more-than-expected in February and job vacancies fell less than expected in January, with previous month’s data revised upwards, pointing to continued strength in the market of US labor.
It comes a day after Powell, in a hearing before the US Senate Banking Committee, said the Fed may need to raise the base rate more than expected, which sent the benchmark STOXX 600 to record its steepest one-day drop in nearly two weeks.
In Europe, the statistics office said the euro zone recorded no quarterly growth in the last three months of 2022, revising data on gross domestic product and employment growth slightly downwards.
In LONDON, the Financial Times index advanced by 0.13%, to 7,929.92 points.
In FRANKFURT, the DAX index rose by 0.46% to 15,631.87 points.
In PARIS, the CAC-40 index lost 0.20% to 7,324.76 points.
In MILAN, the Ftse/Mib index appreciated by 0.54%, to 27,911.52 points.
In MADRID, the Ibex-35 index recorded an increase of 0.58%, to 9,466.10 points.
In LISBON, the PSI20 index appreciated by 0.43%, to 6,056.29 points.
Source: Terra
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