European Shares Stabilize After a Record High

European shares lost steam on Wednesday after kicking off the new year with record highs as rising US bond yields and regulatory concerns in China worried investors.

The pan-European STOXX 600 index rose 0.03 percent by 0816 GMT, with shares in the auto, chemical, and oil and gas sectors gaining in early trade.

Expectations of an early rise in US interest rates pushed the yields of treasury bills to rise on Tuesday, prompting investors to sell shares of technology companies and demand bank shares.

European technology shares rose slightly, 0.1 percent, after falling yesterday.

BMW shares rose 0.3 percent after hitting record sales in 2021.