European markets lower after Fed officials hint at further rate hikes

European markets were lower after the U.S. Federal Reserve’s July meeting minutes showed further interest rate hikes were not off the table.

LONDON — European markets were lower on Thursday after the U.S.Stoxx 600 index

dropped 0.5% in early trade, with construction and material stocks shedding 1.2% to lead losses while mining was the only sector in positive territory, adding 0.5%. The European blue chip index closed Wednesday's session down 0.1% as investors assessed U.K. inflation figures along with euro zone second-quarter gross domestic product data.Minutes from the July meeting

of the rate-setting Federal Open Market Committee showed officials expressed concern about the persistence of inflation and suggested more hikes to interest rates could be necessary unless conditions improve. The U.S. central bank raised rates by a quarter percentage point to a range of 5.25% to 5.5% after that meeting, its highest level in 22 years. Markets generally expect that to be the final hike of this monetary tightening cycle, but Wednesday's minutes indicated that officials are wary of calling time just yet.

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