European markets drop 1.8% as investors digest string of interest rate hikes

The Iseq fell almost 1.8 per cent, dragged down by a 2.7 per cent drop for CRH, with the building materials group declining amid economic concerns in the US. On a weak day for airlines, Ryanair slid 2.2 per cent to €11.59.

The Bank of England raised its key interest rate to 2.25 per cent from 1.75 per cent and said it would continue to “respond forcefully” to inflation as needed even though the economy risks being in a shallow recession already. The pan-European STOXX 600 index hit its lowest since February 2021 led by rate-sensitive tech and real estate stocks which fell more than 4 per cent each, with the latter hitting over two-year lows. In Frankfurt, the Dax dropped 1.8 per cent, while the Cac 40 in Paris was down almost 1.9 per cent, as investors tried to digest various central bank moves of the previous 24 hours.

Spanish bank Sabadell rose 5 per cent after it received indicative bids from France’s Worldline, Italy’s Nexis and US firm Fiserv for its payments arm, which sources said was valued at up to €400 million.Technology and financial stocks pulled Wall Street’s main indexes lower for a third straight session, as investors worried that the Federal Reserve’s aggressive approach to rein in inflation could trigger a recession.

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