European stocks open lower on interest rate concerns, and Novartis shares rise

European stocks fell on Thursday, affected by the decline in technology stocks, which are sensitive to interest rate movements, on expectations that large central banks will continue to raise interest rates, but the gains of the Swiss healthcare group Novartis contributed to limiting losses.

And by 0715 GMT, the European Stoxx 600 index was down 0.1%, and the technology sector index was down 1.3%.

Stocks were negatively affected by fears that the Federal Reserve may raise interest rates at its meeting next week and expectations that the European Central Bank will continue to tighten monetary policy.

Novartis shares rose 1 percent after the company said its Sandoz generics unit, which has the same patented drug formulation and which it will soon spin off, is expected to expand its product line and could bring in an additional $3 billion in net sales over the next five years.