While investors assess the state of the global economy and wait for the minutes of the U.S. Federal Reserve’s most recent monetary policy meeting, European stock markets fell on Wednesday.
By noon in London, the pan-European Stoxx 600 index was down 0.88%, with drops seen across the board. While banks and mining companies sank 2.3% and 1.8%, respectively, media stocks defied the trend and rose 0.5%.
Yesterday saw a 0.2% decline in European markets, while U.S. stocks experienced their worst day of the year so far due to concerns that the Fed may maintain rates higher than initially anticipated.
In overnight trade, U.S. stock futures modestly increased, mostly due to corporate earnings, as Wall Street readied itself for further information about the central bank’s rate-hiking plans.
After Wall Street’s overnight severe losses, markets in Asia-Pacific fell overnight, while New Zealand’s central bank kept raising its benchmark interest rate.