European equities record the worst performance weekly for the last two months

European equities were the worst performance weekly for the past couple of months, as tech and retail stocks have been impacted by sales driven by prospects for further interest rate hikes to calm inflation rising to its highest level in decades.

The pan-European Stoxx 600 index fell 1.9%, with shares retail in 2% decline and technology stocks in drop of 2.4%.

The retail index hit a two-year low after a series of weak economic performance reports highlighting the fallout from rising inflation, war in Ukraine and a new round of blockade measures in China.

Tech stocks followed falls in growth-related stocks on Wall Street, which were dragged down by higher US Treasury yields.

Oil and gas stocks were among the few gains in Europe, in up 0.5%, with crude oil prices trading above $ 110 per barrel in view of an impending EU ban on Russian oil.

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