European stocks slip again with tech under pressure

STOXX 600 index down 0.4% in early trading, with Asian stocks also under pressure

Renault jumped 3.8 per cent as the French carmaker, Japan’s Nissan and Mitsubishi planned to triple their investment to jointly develop electric vehicles

Renault jumped 3.8 per cent as the French carmaker, Japan’s Nissan and Mitsubishi planned to triple their investment to jointly develop electric vehicles

 

European shares slipped in early deals on Monday, with technology stocks falling the most after worries about tighter monetary policies triggered a bruising sell-off in global equities last week.

The pan-European STOXX 600 index slipped 0.4 per cent in early trading, with Asian stocks also under pressure as investors braced for a hawkish update from the Federal Reserve this week.

Market participants were also concerned about a possible Russian attack on Ukraine with the US State Department pulling out family members of its embassy staff in Kyiv.

Tech stocks fell 1.2 per cent, hitting fresh 14-week lows, after growth stocks on Wall Street were pummelled by prospects of rising rates last week.

There were bright spots among individual stocks, with Renault jumping 3.8 per cent as the French carmaker, Japan’s Nissan and Mitsubishi planned to triple their investment to jointly develop electric vehicles, sources told Reuters.

Helping limit losses in UK’s blue-chip FTSE 100, Unilever climbed 4.6 per cent after reports that Trian Partners, Nelson Peltz’s activist hedge fund, has built a stake in the consumer goods company.

Meanwhile, the telecom sector got a boost as Vodafone rallied 4 per cent after Reuters reported the company and Iliad were in talks to strike a deal in Italy that would combine their respective businesses.

- Reuters