European stocks fall to three-month low
European shares fell to their lowest levels in three months due to a decline in investors' risk appetite, as oil prices and bond yields rose ahead of the US Federal Reserve's interest rate decision. The STOXX 600 index decreased by 0.3% to 634.18 points, marking its lowest closing level since June. The banking and financial services sectors were particularly affected, with stocks such as UBS and Bank of America declining after warnings of a slowdown in banking revenues in the third quarter. Meanwhile, L'Oréal surpassed LVMH to become the most valuable company in France. Stock prices are also impacted by rising borrowing costs and warnings of declining bank profits, as US and European Treasury yields reached multi-year highs, reflecting concerns over inflation, geopolitical tensions, and the slump in luxury goods earnings.
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