European indices have worst week in 2 months as tech and retail slump

European stocks recorded their worst week in two months on Friday, as tech stocks and retailers felt the brunt of sales on the prospect of higher interest rate hikes to curb inflation at decades-long peaks.

The pan-European STOXX 600 index closed down 1.91% at 429.91 points. Retailers lost 2.0% and the technology sector fell 2.4%.

Europe’s retail index hit its lowest level in two years after a series of weak corporate balance sheets that highlighted the fallout from rising inflation, the war in Ukraine and a new round of lockdowns in China.

European tech stocks followed declines in growth stocks on Wall Street, which were dragged down by high Treasuries yields.

Oil and gas stocks were among the few gains in Europe, up 0.5%. Oil prices traded above $110 a barrel ahead of an imminent European Union embargo on the Russian commodity.

  • In London, the Financial Times index dropped 1.54%, to 7,387.94 points;
  • In Frankfurt, the DAX index fell 1.64% to 13,674.29 points;
  • In Paris, the CAC-40 index lost 1.73%, to 6,258.36 points;
  • In Milan, the Ftse/Mib index had a devaluation of 1.20%, to 23,475.72 points;
  • In Madrid, the Ibex-35 index registered a drop of 1.34%, to 8,322.00 points;
  • In Lisbon, the PSI20 index rose by 0.46%, to 5,816.29 points.

Source: CNN Brasil

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