European shares tumbled on Tuesday, extending their series of losses into a third straight session, as investors worried about rising energy prices and a weak economic outlook after data showed a contraction in the bloc’s business activity. In this month.
The pan-European STOXX 600 index closed down 0.42% at 431.35 points, down to its lowest level in nearly a month.
Business activity across the euro zone contracted for a second straight month in August as the cost-of-living crisis forced consumers to slash spending, while supply constraints continued to hamper manufacturers, the Index survey showed. Purchasing Managers (PMI) preliminary.
In Germany, the pullback deepened in August as companies saw demand weaken due to inflation, rising interest rates and economic uncertainty.
“It was another day of bad economic data for European markets, with the latest PMI manufacturing numbers falling into contraction territory for Germany, France and the UK,” said Michael Hewson, chief market analyst at CMC Markets.
Autos and banks were up 1.1% and 0.3% each, while energy led gains, up 3.5% as oil prices advanced on concerns over tight supply.
Source: CNN Brasil
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