The shock of inflation pushes European stocks to a three-month low by Reuters

© Reuters. German DAX Index on the Frankfurt Stock Exchange on Monday. Reuters photo.

(Reuters) – European stocks fell to a three – month low on Monday on rising US inflation and concerns over a strong interest rate hike by the central bank.

The European index closed 2.4 percent lower at its lowest level since March 7.

Large technology stocks fell 4.2 percent as yields on government securities peaked at a multi-year high in a race for faster monetary policy austerity.

Shares of growth-related sectors such as travel and entertainment and automakers fell 5.3 percent and 4.5 percent, respectively.

U.S. consumer prices rose 8.6 percent in May, the biggest rise since 1981, and sentiment turned negative on Friday following sharp sales on Wall Street, raising fears of a 75-point rate. Rise at US Federal Reserve meeting this week.

The region’s stock market volatility index rose to a one-month high.

Concerns over a sharp rise in inflation, austerity measures by major central banks and recent restrictions on the control of the Covit-19 in China have caused the benchmark Stoxx 600 index to fall about 16.5 percent since reaching record levels in January. Recession.

Shares of Eurozone banks also fell 3.1 percent during the trading session.

Among the biggest losers in today’s session was French pharmaceutical maker Volneva, which fell 25.3 percent after issuing a warning about its chances of an anti-Govit-19 vaccine.

(Produced by Waqti Al-Alfi for the Arabic Bulletin)

See also  The Turkish lira is depreciating against the dollar
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 127 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?