Muscat: European shares fell today as traders assessed the likelihood of an imminent interest rate hike by the European Central Bank (ECB) and amid concerns about ongoing tensions in the Middle East.
According to Oman News Agency, the pan-European STOXX 600 dropped by 0.6% to 583.8 points, putting it on track to end a three-day winning streak. Rising yields on short-term European bonds, which are indicative of interest rate expectations, exerted additional pressure on the stock market.
A surge in crude oil prices was another factor negatively affecting the markets, particularly impacting travel and leisure stocks, whose sub-index fell by 0.9%. Concerns about economic growth also affected the industrial and banking sectors, which each saw declines of 0.9% and 1%, respectively.