European stocks affected by oil and bonds
European stocks declined sharply due to losses in the banking sector, rising oil prices, and increased bond yields, ahead of the Federal Reserve's expected decision on interest rate hikes. The STOXX 600 index fell by 0.98%, with Deutsche Bank stock dropping significantly by 4.5% after the company announced a share issuance to raise capital. Ongoing inflation concerns and escalating tensions in the Middle East are increasing the likelihood of a rate hike in the coming period, as the yield on the 10-year U.S. Treasury bond reached 5% for the first time since October 2023.
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