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29.06.2022 22:42 News >> European Stocks Close Lower After Dismal Inflation Data

European Stocks Close Lower After Dismal Inflation Data

Germany's DAX 30 performs worst, plummeting 1.73%

European markets closed lower Wednesday as inflation continues to hover at the highest level in several decades.
Spain's annual inflation rate hit its highest in 37 years, coming in at 10.2% in June from 8.7% in May, according to the country's statistical authority's data released earlier.
In Germany, it stood at 7.6% in June, down from 7.9% in May, which was the highest since 1974.
European Central Bank President Christine Lagarde said she does not believe the world is going back to an environment of low inflation.
"There are forces that have been unleashed as a result of the coronavirus pandemic and massive geopolitical shock," she said at the European Central Bank Forum on Central Banking 2022 in Portugal.
"The energy shock we have been suffering has had a major impact (on inflation)," she said. "It is certainly a strong driving force of inflation, which has been exacerbated by the war" in Ukraine.
The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, fell 2.77 points, or 0.67%, to finish at 413.42.
The UK's FTSE lost 11 points, or 0.15%, to end the day at 7,312.
Germany's DAX 30 was the worst performer of the day, plummeting 228 points, or 1.73%, to 13,003.
France's CAC 40 was off 54 points, or 0.9%, to 6,031.
Italy's FTSE MIB fell 267 points, or 1.21%, to 21,833, while Spain's IBEX 35 dove 129 points, 1.56%, to 8,188. -



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