Europe opens lower as Fed signals 2023 rate hikes
European shares opened with losses on Monday amid the global market turmoil sparked by the Federal Reserve’s updated interest rate outlook.
The Fed sent jitters through markets last week when it shared that a majority of policymakers now expect two rate hikes in 2023, sooner than had been expected. The hawkish tone led to a selloff on Wall Street last week, with the Dow Jones posting its worst week since October.
The DAX fell 0.36% at the open in Frankfurt with MTU Aero Engines leading the losses. The CAC 40 lost 0.65% as Societe Generale dropped over 2%. The FTSE 100 sank 0.70%; Rio Tinto was the worst performer as the mining company’s shares tumbled 2.10%.
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