European shares weighed down by tech stocks on rising U.S. rate hike bets
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Jan 18 (Reuters) - European shares fell on Tuesday, with tech stocks coming under pressure as a rise in two-year U.S. Treasury yields reflected ramped-up bets for a U.S. policy rate hike as soon as March.
The pan-European STOXX 600 index .STOXX dropped 0.9%, with tech stocks .SX8P declining 1.5% after U.S. treasuries fell along the curve. Two-year yields US2YT=RR , which track short-term rate expectations, crossed 1% for the first time since February 2020.
Oil stocks .SXEP were the only ones in positive territory, jumping 0.4% as crude prices rose to their highest in more than seven years on worries about possible supply disruptions after Yemen's Houthi group attacked the United Arab Emirates.
Vivendi VIV.PA shed 0.3% after saying it was investing in digital communication group Progressif Media through the purchase of an 8.5% stake from ZeWatchers.
French food caterer Sodexo EXHO.PA jumped 1.6% after Reuters reported Bain Capital was looking to bid for a stake in its benefits and rewards services unit.
Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu
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