European Stocks Drifting Lower As Rate Concerns Continue To Weigh

(RTTNews) - European stocks are down in negative territory on Tuesday with investors largely staying cautious amid renewed concerns the Federal Reserve will continue with its aggressive interest rate hikes after recent upbeat jobs data and services sector activity report.

The pan European Stoxx 600 is down 0.43%. The U.K.'s FTSE 100 is down 0.32%, Germany's DAX is declining 0.33% and France's CAC 40 is lower by 0.34%, while Switzerland's SMI is down 0.45%.

In the UK market, Mondi is down 4.6% and Pennon Group is drifting down 3.7%. Ferguson, United Utilities, Severn Trent, Vodafone, Carnival, Halma, ICP, BT Group, Fresnillo, Royal Dutch Shell, IAG and BP are down 1 to 3%.

Rolls-Royce Holdings is rallying 3.5%. Phoenix Group Holdings is gaining about 2.5%, while BAE Systems, Barclays, Land Securities and British Land Company are up 1 to 2%.

Ashtead Group is up more than 1% after the British equipment rental company raised its full-year guidance on the back of strong quarterly earnings.

In Paris, TotalEnergies is declining 2.7%. Eurofins Scientific, CapGemini, Societe Generale, Renault, Teleperformance, Credit Agricole, Veolia and WorldLine are down 1 to 2.3%.

In the German market, Fresenius Medical Care is losing more than 4%. HelloFresh is down 3%, while Sartorius, Siemens Healthineers, Infineon Technologies, Porsche Automobil and Fresenius are down 1.6 to 2.5%.

RWE is surging up 1.6% and Puma is advancing 1.2%, while Vonovia, Allianz, Munich RE and Deutsche Wohnen are up with moderate gains.

Data released by Destatis today showed factory orders in Germany increased 0.8% month-over-month in October, versus a downwardly revised 2.9% drop in September. Economists had expected factory orders to edge up by 0.1% in the month.

European Central Bank chief economist Philip Lane said in an interview today that interest rates will need to rise several more times to rein in inflation. He however said, price increases in the euro zone are nearing a peak.