European shares tumbled 1% on Wednesday, reversing course after hitting highs a month earlier in trading, as a jump in oil prices intensified lingering concerns over the economic fallout from the crisis in Ukraine and after traders make profits.
The pan-European STOXX 600 index closed down 1.01% at 454.03 points, ending a five-day streak of gains. Financial papers led the losses.
Energy stocks rose 2.0%, boosted by a spike in oil prices, after a weather-related disruption to exports of the commodity from Russia and Kazakhstan through the CPC pipeline raised fears of reduced global supply.
The benchmark STOXX 600 is now down more than 8% from peaks it hit earlier this year, with investors worried about inflationary risk fueled by higher commodity prices in the wake of Russia sanctions.
- In London, the Financial Times index dropped 0.22%, to 7,460.63 points;
- In Frankfurt, the DAX index fell 1.31% to 14,283.65 points;
- In Paris, the CAC-40 index lost 1.17%, to 6,581.43 points;
- In Lisbon, the PSI20 index depreciated by 0.80%, to 5,774.58 points;
- In Milan, the Ftse/Mib index had a devaluation of 0.96%, to 24,298.66 points;
- In Madrid, the Ibex-35 index registered a drop of 1.87%, to 8,328.40 points.
Source: CNN Brasil
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