European stocks retreated on Friday after a survey on business activity in the eurozone reinforced investors’ fears that interest rates will stay higher for longer to curb inflation.
Europe’s region-wide Stoxx Europe 600 fell 0.4 per cent, dragged lower by real estate and utilities stocks, while France’s Cac 40 and Germany’s Dax both declined 0.5 per cent.
The moves came after a sell-off overnight on Wall Street, where stocks and bonds slid after the US Federal Reserve said it would maintain its policy of higher interest rates to suppress inflation, putting more pressure on business and consumer demand.
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