European shares retreated from record highs, Thursday, after indicators from the minutes of the US Federal Reserve’s meeting in December cast a shadow over technology stocks amid the prospect of an interest rate hike.
The European Stoxx 600 index closed down 1.3 percent, giving up all the gains made in a series of rises that pushed it to record levels in the first three sessions of the year.
Shares of French retailer Carrefour jumped 6.3 percent, topping the Stoxx 600 index, after a report of a new offer to buy it from rival Auchan.
Banking and insurance shares were the only gainers on the day, rising 1.1 percent and 0.2 percent, respectively. Both sectors are expected to benefit from improved margins due to higher lending rates.
Societe Generale’s car rental unit (ALD) rose 8.4% after agreeing to buy rival Lesplan for 4.9 billion euros ($5.5 billion).
European technology stocks were among the region’s biggest losers, falling 2.4 percent, as the prospect of higher interest rates made future earnings look less attractive.
(Reuters)
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