European shares slip after three-day gain as rise in oil, yields weigh
The pan-European Stoxx 600 index is down 0.4% at 633.98 points by 0823 GMT
European stocks slipped on Wednesday, Oct 7, after three consecutive days of gains, as higher oil prices and rising global bond yields dampened investor sentiment. The Stoxx 600 index, a benchmark for European shares, fell 0.4% to 633.98 points by 0823 GMT. Tech and mining sectors suffered the most significant losses. Oil prices surged nearly 1% due to concerns over potential supply disruptions from a storm in US oil-producing areas and Houthi attacks on Saudi Arabian infrastructure, coupled with increased Middle East crude output.
Simultaneously, US and European bond yields climbed, and French government bond spreads widened, reflecting ongoing worries about France's fiscal challenges ahead of the 2027 presidential election. In terms of individual companies, Britain's Pennon Group saw a steep 15.4% drop after announcing a rights issue worth 550 million pounds to fund operational improvements and reducing its dividend.
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