Indices of European stock markets ended the session yesterday with losses influenced by the results of the technology giant Microsoft in the US, which turned out to be disappointing. The move has resurrected fears about the tech sector’s outlook, as investors remain nervous ahead of major central bank meetings that they say are far from halting interest rate hikes.

The pan-European STOXX 600 index fell -0.29% for the second day, although it managed to stay away from 15-day lows. He arrived at their meeting. In London, the FTSE 100 closed down -0.16%, down -0.08% in the Frankfurt DAX, down -0.09% in the CAC 40 in Paris, up -0.03% in Milan FTSE MIB and down -0.11% IBEX in Madrid. High-tech stocks, showing signs of a year-to-date recovery after a turbulent 2022, finally lost 0.4% yesterday. A key factor in the reaction was that Microsoft had forecast that its Q1 2023 operating income from its cloud software business would fall short of forecasts. “The group’s anemic valuations have impacted the tech sector as a whole and as a whole,” said Michael Hewson, director of market intelligence at CMC Markets in London.

The pan-European STOXX 600 fell for the second day in a row.

And the oil and gas group sector, as well as the heavy industry sector, also showed declines yesterday in Geria Epirus, which put additional pressure on the pan-European STOXX 600 index. The indices of these sectors fell by 0.9% and 0.8%, respectively. In the meantime, it’s worth noting that interest in equities has revived this year on hopes that both the Federal Reserve and other major central banks are approaching levels where they will break the borrowing cost cycle as they contain inflation. However, those expectations are to some extent dissipating as there have been comments in the past few days about aggressive monetary policy from members of the ECB and improved economic activity in the eurozone has revived speculation that the bank has room for further increases.