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European Shares Slip On Interest-rate Worries
(RTTNews) - European stocks fell in cautious trade on Monday ahead of a busy week of central bank meetings.
13 central bank meetings are scheduled this week, which are certain to see borrowing costs rise across the globe.
As inflation worries mount, it remains to be seen whether the Federal Reserve will be forced to raise rates by 100 bps at the end of a two-day policy meeting on Wednesday. The Bank of England meets on Thursday, with markets split on whether the central bank will raise rates by 50 or 75 basis points ahead of a mini budget to be unveiled by the new Chancellor of the Exchequer Kwasi Kwarteng on Friday.
The BoE meeting is delayed by a week after the death of Queen Elizabeth II.
The pan European Stoxx 600 was down 0.6 percent at 405.69 after losing 1.6 percent on Friday.
The German DAX and the U.K.'s FTSE 100 both dipped around 0.6 percent, while France's CAC 40 index was down 1.1 percent.
Swiss drug major Roche fell about 1 percent despite the European Commission approving its Vabysmo to treat vision loss.
City of London Investment Trust shares fell around 1 percent. The British company reported that its fiscal 2022 net return before taxation declined to 100.47 million pounds from last year's 267.16 million pounds.
Volkswagen was moving lower, reversing early gains. The German automaker is seeking to raise nearly 9.4 billion euros ($9.41 billion) from the initial public offering of its iconic sports-car maker Porsche AG.
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