European stocks open lower as tech stocks fall

A graph of the German stock price index DAX is seen on the Stock Exchange in Frankfurt, Germany, September 16, 2022. REUTERS/Staff

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Sept 19 (Reuters) – European shares fell at the open on Monday as tech stocks fell, amid expectations of a sharp interest rate hike by the U.S. Federal Reserve in a week.

The pan-European STOXX 600 index (.STOXX) was down 0.4%, hitting a two-month low, while the speed-sensitive technology sector index (.SX8P) was down 0.6%.

This week, all eyes will be on the Federal Open Market Committee (FOMC), the US central bank’s rate-setting body, which will announce its decision on Wednesday. Most analysts expect a third straight 75 basis point hike.

European markets closed their worst weekly performance in three months on Friday on worries of a deep recession.

Volkswagen ( VOWG_p.DE ) rose 0.4% after seeing a valuation of up to 75 billion euros ($75.1 billion) for luxury sports car maker Porsche in what would be Germany’s second-biggest initial public offering (IPO) in history. Read more

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Reporting by Shreyashi Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty

Our Standards: The Thomson Reuters Trust Principles.

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