European shares dip as banks hit over 3-month low, oil prices weigh
The banking sector dropped nearly 2%
European stocks slipped on Thursday as banks hit a three-month low and rising oil prices raised concerns about higher inflation potentially dampening economic growth. The Stoxx 600 index fell 0.9% to 624.24 points. European banks declined around 2%, with Deutsche Bank, Banco Santander, Societe Generale, and Unicredit all slipping for a second consecutive day as euro zone bond yields approached recent highs.
Oil prices surged more than 3% following persistent worries about supply in the Middle East, and a hurricane threat to US offshore operations led to production cuts. Fed policy meeting minutes revealed divisions among officials regarding the need for additional rate hikes. Markets will now focus on the European Central Bank's latest meeting minutes for insights into the policy outlook, with several ECB and Fed officials set to speak later in the day, alongside Bank of England Governor Andrew Bailey.
Among individual stocks, Bavarian Nordic rose 2.9% after raising its 2026 revenue guidance and EBITDA margin forecasts.
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