European Shares Slip Into Red On Rate Hike Worries

European stocks fell on Friday as hawkish comments from Fed, ECB and BoE officials dented hopes that interest rate hikes are finished.

Investors were also reacting to data showing that the U.K. economy failed to grow between July to September but avoided the start of a recession.

GDP was flat in the third quarter for the first time this year, avoiding an expected decline, official data showed.

The pan European STOXX 600 dropped 0.7 percent to 444.49 after gaining 0.8 percent on Thursday.

The German DAX gave up 0.6 percent, France’s CAC 40 shed 0.8 percent and the U.K.’s FTSE 100 lost 0.9 percent.

Danish pharmaceutical giant Novo Nordisk rose about 1 percent after it announced plans to invest $6 billion to boost output.

GN Store Nord soared 10.5 percent after posting better-than-expected third-quarter results.

Swiss luxury group Richemont tumbled 5.6 percent after reporting weaker-than-expected earnings.

Lower metal prices weighed on metal stocks, with Anglo American and Antofagasta both falling over 2 percent.

Drinks group Diageo plummeted 12 percent after a warning that growth in operating profits will slow in the first half.

Homebuilder Redrow tumbled 6.4 percent after saying it expects annual profit and revenue to be at the lower end of its forecast range.

SCOR SE, a tier 1 reinsurance company, plunged 9 percent in Paris after quarterly gross written premium declined to 4.87 billion euros from 5.14 billion euros last year.

German insurer Allianz rallied 2.5 percent after confirming its 2023 operating profit target.

Source: Read Full Article