17 Sep European stocks skid from one-month high as Fed underwhelms
(C) Reuters. The German share price index DAX graph at the stock exchange in Frankfurt
(Reuters) – European stocks fell from a one-month closing high on Thursday after an underwhelming response to the U.S. Federal Reserve’s pledge to keep interest rates low for a prolonged period.
The pan-European STOXX 600 (STOXX) dropped 1.1% by 0710 GMT, on course to break its four-day winning streak.
The U.S. central bank on Wednesday vowed to keep interest rates near zero until inflation is on track to overshoot the 2% target, as expected. However, Fed Chair Jerome Powell said an economic recovery is expected to slow, requiring continued support from further government spending.
Property firm Unibail-Rodamco-Westfield (AS:URW) slumped 8.5% as it announced a 9 billion euro plan that includes capital raise, to boost its balance sheet.
European stocks skid from one-month high as Fed underwhelms
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