(Reuters) – European stocks tumbled more than 1% on Wednesday as a surge in oil prices intensified concerns over higher inflation, while investors moved out of high-growth tech stocks into banking shares.
After a late-session rally on Tuesday, the pan-European STOXX 600 index fell 1.2%, with the tech sector down more than 2%.
Banks slipped 0.1%, but were the smallest decliners on prospects of higher interest rates, as bond yields climbed and oil prices hit multi-year highs. [GVD/EUR] [O/R]
UK’s HSBC and Germany’s Commerzbank were up more than 1% each.
Deutsche Telekom fell 4.1% after Goldman Sachs sold shares worth 1.58 billion euros ($1.83 billion) in a SoftBank structured finance deal.
Bayer AG rose 0.7% after the German agricultural and pharmaceuticals firm won its first trial over claims its Roundup weedkiller causes cancer.
Tesco jumped 4.5% as Britain’s biggest retailer raised its full-year outlook and launched a 500-million-pound share buyback programme.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)
