European Shares Hover Near One-month Low On Inflation, Rate-hike Concerns
(RTTNews) - European stocks were subdued near a one-month low on Wednesday due to concerns over rising oil prices and bond yields.
Brent crude prices rose toward $95 a barrel after the U.S. military hit targets in Iran and Tehran retaliated by firing missiles and drones at various sites across the region, heightening fears of supply disruptions and threatening commercial shipping through the Strait of Hormuz.
Eurozone government bond yields rose further following similar moves in U.S. and Asian bonds overnight.
With Eurozone inflation reaching a near three-year high in August and unlikely to return to target over the medium term, a 25-basis point ECB rate hike on September 10 looks almost certain.
The pan-European STOXX 600 slipped 0.30 percent to 645.46 after falling 0.6 percent to a more than one-month low on Tuesday.
The German DAX and France's CAC 40 both fell around 0.4 percent while the U.K.'s FTSE 100 was down 0.6 percent.
British insurer Prudential was slightly lower despite announcing that it would buy back up to $1.472 billion of shares by December 18, 2026, under its existing share buyback program.
Low-cost airline Wizz Air Holdings rose over 1 percent after reporting strong August performance.
Energy giant BP Plc fell about 1 percent after appointing Ian Tylr as its new chair.
Halma, a leader in life-saving technology, gained 1 percent after it agreed to acquire Pyxis, a U.S.-based water quality monitoring specialist, for an initial $170 million.
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