Losses in the European markets are widening after the new inflation record

LAST UPDATE 15:20

The losses for the main European indices are widening after the data that showed a new escalation of inflation in the Old Continent.

In particular, the pan-European Stoxx 600 trades at 445 points with losses of about 0.35%, but far from its low of the day.

Central European pressures are higher, where the German DAX falls by 1.05% to 14,423 points and the French CAC 40 slides to 6,487 points by -1.15%, while the British FTSE 100 strengthens by 0, 4% with movement at 7,630 units.

The picture is similar in the European region, where in Italy the FTSE MIB is trading at a loss of 0.9% and is at 24,586 points, while the IBEX 35 in Spain is down 0.5% moving to 8,882 points.

Around 12 o’clock in Greece, data on the course of inflation in the euro area were published, which showed a new explosion of prices at a rate of 8.1% in May from 7.4% in April, compared to estimates for measurement at 7.7%. as price increases continued to widen.

Earlier, it was reported that in France, the harmonized index of consumer prices moved at an annual rate of 5.8% in May, accelerating significantly from 5.4%, while it exceeded the estimates of analysts who expected a measurement at 5.6 in Reuters investigation.

Yesterday, Germany reported that inflation soared to a new all-time high in May after a reunion of 8.7%, well above analysts’ estimate for a rate of 8%, having accelerated rapidly from 7.8 % of April.

Similarly, in Spain the consumer price index also moved 8.7% in May from 8.3% in April, while analysts expected it to remain unchanged at 8.3%.

At the same time, energy prices are jumping again after the agreement finally reached in Brussels to impose a European embargo on Russian oil, with oil exceeding $ 123 a barrel.

In particular, the President of the European Commission Ursula von der Leyen informed in the early morning hours today that thanks to the voluntary commitment of Germany and Poland to stop their imports through the Druzba pipeline, the embargo will eliminate “about 90%” of European imports. Russian oil “by the end of the year”.

The exclusion of Hungary’s imports through the same pipeline allowed the lifting of the Budapest veto, which had been blocking the implementation of the 6th EU sanctions package against Russia for several weeks.

On the other hand, the indicators in Asia moved earlier today, where the data for China showed that the manufacturing activity in May improved but remained below the levels that show a contraction.

Finally, in the US, where the market was closed yesterday due to the Memorial Day holiday, the futures of the indices point to a downward session after a strong upward week, with the Dow PICs at -0.7% and the Nasdaq at -1.1 %.