By Shreyashi Sanyal and Johann M Cherian
(Reuters) – European stocks closed lower on Thursday, with property stocks at the bottom as investors grew concerned about the prospects of interest rates remaining high for longer. The real estate sector fell 3.2% to a more than two-month low, with shares in Germany’s LEG Immobilien down 11.4% after the company suspended its dividend.
The pan-European STOXX 600 index closed down 0.22% at 459.98 points, after trimming some of the losses seen earlier in the session. All eyes will be on the European Central Bank (ECB) next week, which is expected to raise its key lending rate by 50 basis points amid calls from several policy makers to continue raising interest rates. at subsequent meetings. While European equities have had a good start to the year, mixed economic data from China and concerns that the ECB will remain more aggressive against inflation for longer have limited momentum in stocks through the end of February and thus far into March. European miners lost 2.7% after copper prices fell.[MET/L]
In LONDON, the Financial Times index fell 0.63% to 7,879.98 points.
In FRANKFURT, the DAX index was up 0.01% to 15,633.21 points.
In PARIS, the CAC-40 index lost 0.12% to 7,315.88 points.
In MILAN, the Ftse/Mib index lost 0.72% to 27,710.53 points.
In MADRID, the Ibex-35 index recorded a drop of 0.45%, at 9,423.20 points.
In LISBON, the PSI20 index gained 0.01% to 6,056.63 points.
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