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Markets

European markets drop on Fed news

  • In initial deals, London's benchmark FTSE 100 index dipped 0.5 percent to 7,150.86 points.
Published June 17, 2021
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LONDON: European stocks fell at the open on Thursday after the Federal Reserve brought forward its forecasts for hiking interest rates as it looks to prevent overheating in the US economy.

In initial deals, London's benchmark FTSE 100 index dipped 0.5 percent to 7,150.86 points.

In the eurozone, Frankfurt's DAX 30 index fell 0.2 percent to 15,682.56 points and the Paris CAC 40 shed almost 0.3 percent to 6,636.13.

"The Fed threw ... a bit of a curveball," said CMC Markets analyst Michael Hewson.

"The timeline for a possible rise in interest rates was brought forward with the consensus for a possible two hikes by the end of 2023, much sooner than the previous 2024, although the underlying tone remained cautious."

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