European stocks fell on Tuesday, only to continue falling for the second day in a row, and hit a 3-week low, due to a large sell-off in the tech sector and investor risk aversion before the testimony of the head of the Federal Reserve to the United States. Congress.
The Stoxx Europe 600 index fell 0.9% at 11:33 a.m. GMT, and hit its lowest since Feb. 3 at 406.7 points, after closing 0.4% yesterday amid fears about the rising yields on US Treasuries.
The tech sector suffered the biggest losses in Europe today, falling around 3.5%, after a large wave of liquidation of U.S. tech companies during after-market trading on Wall Street.
At 3:00 p.m. GMT, Fed Chairman Jerome Powell will testify on the biannual monetary policy report to the Senate Banking Committee via satellite.
Futures on the S&P 500 fell 1% to a 3-week low after the index closed 0.8% lower yesterday on Wall Street.
Back in Europe, the Euro Stoxx 50 index fell 0.9%, France’s CAC 40 fell 0.25% and Germany’s DAX index fell 1.2%.
The UK’s FTSE 100 fell 0.4%, amid fears over losses from UK export companies, as the pound continued to jump above the $ 1.4 barrier for the first time in three years.