the german share price index dax graph is pictured at the stock exchange in frankfurt germany november 22 2021 reutersstaff nov 23 reuters  european stocks slumped to a threeweek low on tuesday and were set for their worst session in nearly two months as a riskoff mood deepened amid a resurgence in covid19 cases and rate hike concerns the paneuropean stoxx 600 stoxx shed 13 led by a 27 drop in tech stocks sx8p as prospects of a highrate environment dented appeal of the highgrowth sector us president joe biden on monday tapped jerome powell to continue as fed chair lifting bets of us rate hikes in 2022 money market traders have now fully priced in a 10basispoint rate hike by the european central bank in december 2022 up from 50 odds on monday what happens in the us affects the world and especially european firms importing from the united states said charalambos pissouros head of research at jfd group the reason tech stocks are affected the most is because highgrowth firms tend to be valued based on discounted future cash flows and thus higher rates faster mean lower present values pissouros said growing nerves around a fourth wave of covid19 infections stalling european recovery at a time when central banks are planning the withdrawal of monetary support has also pulled investors out of equities the euro stoxx 50 volatility index v2tx europes main gauge of stock market anxiety touched its highest level in almost seven weeks oneoff events or companyrelated headline news such as with telecom italia yesterday cannot last for too long or overshadow concern around increasing covid cases new lockdown measures and growth in european economies pissouros said ihs markits survey showed euro zone business growth unexpectedly accelerated this month while price pressures soared again read more meanwhile travel stocks sxtp slipped 14 after the united states issued an advisory against movement to germany and denmark due to rising covid19 cases while oil stocks sxep slid 09 tracking a dip in crude prices on growing expectations that the united states japan and india will release crude reserves to tame prices read more thyssenkrupp tkagde fell 62 after swedish activist fund cevian nearly halved its stake in the german conglomerate read more dutch financial services company intertrust interas surged 146 to its highest in over five years after saying it had received multiple takeover offers reporting by anisha sircar in bengaluru editing by shailesh kuber and saumyadeb chakrabarty