Lots of red

LOTS OF RED

Futures weren't wrong, European shares, like global peers, don't like the idea of higher for longer rates, and the STOXX 600 SXXP is down 0.7%. If that holds - and it's not been trading for an hour yet, so lots to happen - that'll be its biggest daily drop in five weeks.

The benchmark is also set for a weekly drop of about 1%.

Almost all sub sectors are in the red, with tech down 1.2% (.SX8P) logically. Less logically banks are down 1.14% (.SX7P) - higher rates should be good news for them - though given that European banking stocks are up around 18% year to date there is scope for selling on a day when everything else is down.

There are few stand outs when it comes to single stocks Spanish construction and energy conglomerate Acciona ANA is at the bottom of the STOXX 600, down 6% after it said Thursday that its core EBITDA would grow less than previously expected.

(Alun John)

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