European shares open lower as miners fall, rate hike worries remain

Kitco Media
By Reuters
Published:
Updated:
Reuters
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) Feb 22 (Reuters) - European shares opened lower on Wednesday, weighed down by a decline in mining stocks as metal prices fell, and as strong economic data sparked worries that interest rates could stay higher for longer. The pan-European STOXX 600 index fell 0.4% by 0809 GMT. Investors are also awaiting the release of the minutes of the U.S. Federal Reserve's last meeting, due later in the day. The European basic resources index shed 1.4%, as miners tracked a fall in copper prices, also weighed down by worries about the demand outlook from China. Data, on Tuesday, showed French and German economic activity moved back into growth territory, while a rebound in U.S. business activity also backed views that interest rates in both economies will remain higher for longer. In a bright spot, Stellantis rose 1.9% after the carmaker said its operating profit grew 17% in the second half of last year on a strong product and pricing mix. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza)

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