European shares fell sharply on Monday as bond yields rose after comments from monetary policy makers raised fears of aggressive measures to curb inflation amid rising risks of a recession.
According to Arab Net, the European Stoxx 600 index fell by 0.8%, to its lowest level in more than a month, and technology shares were the most declining, as they fell 1.4%. German 10-year bonds jumped 10 basis points to a two-month high, according to Reuters.
European Central Bank Governing Council member Isabel Schnabel said on Saturday that central banks should step in to fight inflation, even if it pushes their economies into recession.
This came after a warning from Federal Reserve Chairman Jerome Powell on Friday that the bank would raise interest rates to the highest level necessary to constrain growth.
