(Reuters) – European shares opened lower on Friday at the end of a central bank policy-packed week that reinforced views that higher interest rates could stay for longer, while shares of Siemens Energy plunged as it withdrew its annual profit outlook.
The STOXX 600 index fell 0.3% by 0713 GMT.
The index has lost 2.8% for the week so far as investors digested more interest rate hikes from major central banks including the Bank of England, Norges Bank and Swiss National Bank, and the spectre of higher inflation for longer.
Germany’s DAX index dropped 0.7%, leading losses among regional peers as shares of Siemens Energy sank 30.3%.
The company, which supplies equipment and services to the power sector, warned that the impact of quality problems at its Siemens Gamesa wind turbine unit would be felt for years.
The European oil & gas index slid 1.7% to lead sectoral falls.
(Reporting by Shreyashi Sanyal in Bengaluru)
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