Powell disappointment hits European stocks, tech slides again

  • Reuters
  • Stock Market News
Powell disappointment hits European stocks, tech slides again
Credit: © Reuters.

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March 5 (Reuters) - Rising U.S. bond yields put European equities under pressure again on Friday after Federal Reserve Chair Jerome Powell's remarks failed to soothe investor concerns about a recent surge in borrowing costs.

The pan-European STOXX 600 .STOXX fell 0.9% in early trading, with shares of travel .SXTP , mining .SXPP , and financial services companies .SXFP leading the declines.

While Powell said the rise in yields was "notable", he did not consider it a "disorderly" move, or one that pushed long-term rates so high the Fed might have to intervene in markets more forcefully to bring them down. comments fuelled a sell-off on Wall Street on Thursday, pushing the tech-heavy Nasdaq .IXIC to erase its yearly gains. European tech shares .SX8P also fell 1.0%, on course for their second weekly loss.

Oil stocks .SXEP slipped as crude prices jumped to near 14-month highs after OPEC and its allies agreed not to increase supply in April. O/R

London Stock Exchange Group LSEG.L fell 3.6% despite posting steady full-year results for 2020 and announcing a 7% dividend increase.

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