European stocks fall as banks hit 3-month low

European stocks generally declined, with the STOXX 600 index dropping by 0.8% to its lowest level in recent months, due to concerns over rising inflation and its impact on economic growth. European bank shares fell by about 2%, with notable declines in Deutsche Bank, Santander, Société Générale, and UniCredit, amid bond yields in the Eurozone reaching their highest levels in a period. The French CAC 40 index also declined by 1%, as France missed its fiscal deficit reduction targets. Bond yields in the region surged sharply, driven by rising energy prices and fears of debt defaults in high-debt countries. The continued increase in oil prices by over 3% heightened inflation worries, while investors await central bank meeting minutes to gauge the trajectory of monetary policy. Some companies, such as Argenx, experienced significant declines, while others, like Bavarian Nordic, saw gains following upward revisions to their revenue forecasts.

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