European stocks slip again with tech under pressure
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Jan 24 (Reuters) – European shares slipped in early deals on Monday, with technology stocks falling the most after worries about tighter monetary policies triggered a bruising sell-off in global equities last week.
The pan-European STOXX 600 index slipped 0.4% by 0814 GMT, with Asian stocks also under pressure as investors braced for a hawkish update from the Federal Reserve this week.
Market participants were also concerned about a possible Russian attack on Ukraine with the U.S. State Department pulling out family members of its embassy staff in Kyiv.
Tech stocks fell 1.2%, hitting fresh 14-week lows, after growth stocks on Wall Street were pummelled by prospects of rising rates last week.
There were bright spots among individual stocks, with Renault jumping 3.8% as the French carmaker, Japan’s Nissan Motor Co and Mitsubishi Motors Corp planned to triple their investment to jointly develop electric vehicles, sources told Reuters.
Meanwhile, the telecom sector got a boost as Vodafone rallied 4% after Reuters reported the company and Iliad were in talks to strike a deal in Italy that would combine their respective businesses. (Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)