European Shares Fall on Inflation Concerns

European shares fell more than 1% on Wednesday, as rising oil prices intensified concerns about rising inflation, and investors shifted from high-growth technology stocks to banking stocks.

After rising late on Tuesday, the pan-European STOXX 600 index fell 1.2%, with the technology sector down more than 2%.

Banking shares fell 0.1%, but they were the least losers on the back of the possibility of raising interest rates, as bond yields increased and oil prices reached their highest levels in several years.