All Things Newz

Miners drag European bourses lower as energy crisis looms

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European shares extended a selloff on Wednesday, as investors fretted over an energy crisis and gloomy growth outlook, while hawkish comments on U.S. Federal Reserve monetary policy further dented sentiment.

The pan-European STOXX 600 was down 0.2%, as of 0716 GMT, to hover near one-month lows on downbeat performances by miners.

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The energy sub-index firmed 0.2% to extend gains to seventh straight day.

Investors were cautious ahead of the Jackson Hole symposium after Minneapolis Federal Reserve Bank President Neel Kashkari on Tuesday reiterated the Fed’s focus on controlling inflation ahead of all else.

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Market focus was also on minutes from the European Central Bank due on Thursday that are likely to sound hawkish.

Among stocks, Richemont rose 1.6% after the company said Farfetch would acquire a 47.5% stake in the luxury goods group’s loss-making online fashion retailer YOOX Net-A-Porter and that Alabbar would take 3.2%.

Bavarian Nordic fell 2% after the Danish biotech firm said it was making “every effort” to meet the high demand for its monkeypox vaccine around the world as it retained its business outlook for the year.

(Reporting by Anisha Sircar in Bengaluru; Editing by Sherry Jacob-Phillips)

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