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Stock price information reflected on a window at the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023.
Nathan Laine | Bloomberg | Getty Images
LONDON — European stocks closed lower Wednesday, continuing negative sentiment seen in the previous two trading sessions as technology stocks plummeted.
The regional Stoxx 600 index provisionally closed 0.43% lower, with most major bourses in the region falling and sectors trading mixed.
U.K. inflation came in at 2% on an annual basis in June, according to data released by the Office for National Statistics on Wednesday. This was slightly higher than the forecast 1.9%, but in line with May’s 2% reading and the Bank of England’s target rate.
Following the print, the British pound broke above the $1.3 level against the U.S. dollar for the first time in a year. Markets reduced bets on an August rate cut from the Bank of England to around 35% from 50% due to the stickiness of services inflation.
Analysts are also expecting a period of growth-friendly policies and political stability in the U.K. under the newly elected Labour government.
Asia-Pacific markets traded mixed on Wednesday, with Australia’s S&P/ASX 200 reaching an all-time high.
This article was originally published by a www.cnbc.com
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