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Powell disappointment hits European stocks, tech slides again
Published at 05/03/2021 at 08:28

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

March 5 (Reuters) - Rising U.S. bond yields put European equities under pressure again on Friday after Federal Reserve Chair Jerome Powell's remarks failed to soothe investor concerns about a recent surge in borrowing costs.

The pan-European STOXX 600 fell 0.9% in early trading, with shares of travel , mining , and financial services companies leading the declines.

While Powell said the rise in yields was "notable", he did not consider it a "disorderly" move, or one that pushed long-term rates so high the Fed might have to intervene in markets more forcefully to bring them down.

The comments fuelled a sell-off on Wall Street on Thursday, pushing the tech-heavy Nasdaq to erase its yearly gains. European tech shares also fell 1.0%, on course for their second weekly loss.

Oil stocks slipped as crude prices jumped to near 14-month highs after OPEC and its allies agreed not to increase supply in April.

London Stock Exchange Group fell 3.6% despite posting steady full-year results for 2020 and announcing a 7% dividend increase.

(Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))