Powell disappointment hits European stocks, tech slides again

Rising U.S. bond yields put European equities under pressure again on Friday after Federal Reserve Chair Jerome Powell’s remarks failed to soothe investor concerns about a recent surge in borrowing costs.

The pan-European STOXX 600 fell 0.9% in early trading, with shares of travel, mining, and financial services companies leading the declines. While Powell said the rise in yields was “notable”, he did not consider it a “disorderly” move, or one that pushed long-term rates so high the Fed.

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