European shares stretch declines after central bank-induced selloff | Inquirer Business

European shares stretch declines after central bank-induced selloff

/ 03:33 PM September 23, 2022

European shares edged lower at the open on Friday after major central bank events through the week, including signals from the U.S. Federal Reserve that it will continue to hike interest rates, while Credit Suisse slid on a cash call.

The pan-European STOXX 600 index was down 0.2 percent by 0716 GMT, hovering at near 20-month lows.

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Interest rates were sharply hiked through the week, with the Fed delivering its third consecutive 75 basis-point increase on Wednesday and Switzerland exiting the era of negative interest rates on Thursday, with its first hike in 15 years.

Banks in Europe fell 0.9 percent , with Credit Suisse down 6.4 percent as it sounded investors for fresh cash, two people familiar with the matter said, approaching them for the fourth time in roughly seven years as it attempts a radical overhaul of its investment bank.

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TAGS: European shares, interest rate hikes
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