1% drop for European stock markets

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Most European stock markets are trading at a loss of more than 1% after Thursday’s sell-offs in Wall Street and Asia as global markets are shaken by worries about frantic inflation and the impact on consumption.

The pan-European Stoxx 600 index lost 1.2% to 428.87 points with the retail sector plunging 2% after Wall Street crashes on Wednesday, in one of the worst meetings in years.

Disappointing results for retail giants such as Target and Wallmart, and warnings of rising costs due to price rallies have sparked widespread consumer concerns as consumers are being forced to spend more and more to meet their basic needs. .

Inflation in the US and the UK has climbed to a 40-year high, while in the Eurozone it is setting one record after another amid an unprecedented rally in energy prices due to the war in Ukraine.

The sharp turn of central banks from zero interest rates to successive increases to bring frantic inflation under control has meanwhile sparked serious concerns about the risk that the world’s most advanced economies could slide into recession.

On the board, the German DAX fell 1.4% to 13,810.69 points, the French CAC 40 also lost 1.4% to 6,263.24 points, while the British FTSE 100 fell 0.8% to 7,376.15 units.

In the periphery, the Italian FTSE MIB lost 0.8%, while the Spanish IBEX 35 fell 0.9%.

Source: Capital

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