European stock exchanges closed with steep losses on Friday after Federal Reserve Chair Jerome Powell yesterday hinted that the peak federal funds rate has not been reached yet, possibly causing global stock market sentiment to decline. Meanwhile, European Union officials are visiting the White House with electric vehicle subsidies as one of the topics of the talks.
The DAX closed with a 1.64% loss as worst performers Heidelberg Materials and Sartorius both fell by 6.80%. The FTSE 100 decreased by 1.30% at the close. Intercontinental Hotels Group was down 4.48%. The CAC 40 was down 1.52% at the end of trading as ArcelorMittal declined 4.07%. The EURO STOXX 50 closed 1.61% lower with Schneider Electric losing 2.95%.
The euro was up 0.06% compared to the dollar, going for 1.05888 and the pound was 0.07% higher than the greenback, trading at 1.21512 at 5:34 pm CET.
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