European shares open lower as tech stocks slide on hawkish Fed

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(Reuters) - European shares opened lower on Thursday, with tech stocks leading the declines, after the U.S. Federal Reserve delivered another jumbo-sized interest rate hike and signalled more increases in its fight against stubbornly high inflation.

The pan-European STOXX 600 index shed 1.5% by 0707 GMT, while Germany's DAX index lost 1.8%. Rate-sensitive European tech stocks tumbled 2.6%.

The Fed raised interest rates on Wednesday by 75 basis points for the third straight time and sees its target policy rate at its highest level since 2008, rising to the 4.25%-4.50% range by the end of this year.

Meanwhile, European Central Bank board member Isabel Schnabel said interest rates need to keep going up as inflation is still far too high, even as the euro zone faces an economic downturn.

London's FTSE 100 index dropped 1.0% ahead of what will likely be the Bank of England's second large interest rate hike later in the day.