The European markets are in deep red

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European stocks continue to plunge deep into Thursday trading after sell-offs in Wall Street and Asia as global markets are shaken by worries about rampant inflation and the impact on consumption.

The pan-European Stoxx 600 index plunged 2.1% to 424.96 points, with the retail sector falling 2.3% after free fall of Wall Street indices on Wednesday, in one of the worst meetings in years.

Retail giants are worried about the coming months as they face huge costs in transporting their products but also the reduction of purchases by consumers who limit their spending to only the necessary products due to increased prices. In the US, Target Corp’s quarterly earnings were cut in half, while Walmart revised down its forecasts. But in Europe, big chains, such as Tesco and Sainsbury’s, have warned of a blow to their gains from the price rally.

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 2% to 13,727.47 points, the French CAC 40 also lost 2% to 6,223.76 points, while the British FTSE 100 fell 2.3% to 7,264.42 points.

In the periphery, the Italian FTSE MIB lost 1.4%, while the Spanish IBEX 35 fell 1.15%.

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Source: Capital

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