The European "Stoxx 600" index remained stable at close after rising 0.7% earlier in the day. It has moved in a narrow range over the past few weeks as investors await actions on monetary policies from the U.S. and Europe, along with the possibility of a recession in the U.S. following aggressive interest rate hikes and recent turmoil in the banking sector. A survey by the European Central Bank indicated that "consumers in the euro area raised their inflation expectations in March, even as the rate of price increases slowed and the European Central Bank continued to raise interest rates."
Bayer's stock recorded the largest decline on the "Stoxx 600" index, falling 7.5% to its lowest level in a single day, after the company warned that its 2023 results could be at the lower end of the targeted range, impacted by rising costs and falling herbicide prices.
Energy stocks dropped by 1.6% following a fall in oil prices. Meanwhile, the British FTSE 100 index decreased by 0.1% after the Bank of England raised the interest rate by 25 basis points to 4.5%.
