Were trading without the entitlement for dividend, losing between 1.2% and 5.6%. Governing Council member Joachim Nagel told Bloomberg TV 'there's nothing off the table' when asked if interest rates will still be rising in September, while ECB policymaker Pablo Hernandez de Cos noted the rate-raising cycle was at its final stage.Īmong major movers, Bayer (BAYGn.DE) was the top STOXX 600 laggard, logging its worst one-day fall of 7.5% in almost two years, after warning that 2023 results could come in at the lower end of its target range, hurt by cost inflation and falling prices of glyphosate-based weedkillers.Įnergy (.SXEP) was among the worst hit sectors, down 1.6%, tracking lower oil prices.Ĭopper miners Glencore (GLEN.L) and Rio Tinto (RIO.L) dropped 4% and 2% respectively on falling prices of the red metal.īP (BP.L), Europe's largest bank HSBC (HSBA.L) and Germany vehicle maker Volkswagen (VOWG_p.DE) recession in the wake of aggressive rate hikes and recent banking turmoil.Įuro zone consumers raised their inflation expectations in March, even as the rate of price growth fell and the European Central Bank (ECB) kept raising interest rates, an ECB survey showed. and European monetary policies, as well as potential for a U.S. The STOXX 600 has been rangebound in recent weeks, as investors weighed the outlook for U.S. But I'm not sure the markets are right about all the rate cuts that are being priced in.' 'Fed Chair Powell will want to keep rates at these levels until he's gotten inflation down to a level closer to his mandate. 'I don't think the Fed will be hiking again this year,' said Patrick Armstrong, chief investment officer at Plurimi Wealth.

added to evidence the world's largest economy was losing steam, and raised hopes for a pause in the Fed's rate hikes.

The pan-European STOXX 600 index (.STOXX) closed flat, after rising as much as 0.7% earlier in the day.Ī slew of recent data sets on inflation and the labour market in the U.S. May 11 (Reuters) - Europe's benchmark STOXX 600 was unchanged on Thursday as a drag by Germany's Bayer and energy stocks offset an earlier rise on hopes of a pause in the Federal Reserve's interest rate hike campaign amid supportive U.S.

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