European shares slide amid interest rate turmoil, recession fears

European shares fell on Wednesday, snapping a three-session winning streak as investors’ expectations that central banks would ease their hyper-tight inflation policy cooled, and data showing a decline in business activity in the region fueled fears of an economic slowdown.

After rising more than 5% in the previous three sessions, the pan-European Stoxx 600 index ended the day 1% lower as a sharp interest rate hike from New Zealand’s central bank on Wednesday worried investors and dampened risk appetite.