The European markets returned to the losses with ‘macro’ weight

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European stock markets closed higher on Tuesday after data showed that persistent problems in global supply chains and the inflation rally continue to weigh on economic activity on both sides of the Atlantic.

Business activity slowed in the Eurozone in May, with S&P’s composite PMI index covering both services and manufacturing falling to 54.9 from 55.8 in April, losing analysts’ estimates. at 55.3 units.

The picture is similar in the US with the composite PMI sliding to a four-month low of 53.8 points in May from 56.0 points in April, according to initial data from S&P.

The slowdown comes as US and European central banks abandon their easing policies to deal with the inflation rally amid unprecedented rising energy prices due to the war in Ukraine.

European Central Bank President Christine Lagarde said today she sees the ECB’s deposit rate at zero or “slightly higher” by the end of September, indicating that the bank is considering raising it by at least 50 basis points from current levels. today.

In this climate, the pan-European STOXX 600 index lost 1.1% and closed at 431.58 points, ending a two-day uptrend.

The German DAX fell 1.8% to 13,919.75 points, the French CAC 40 lost 1.7% to 6,253.14 points, while the British FTSE 100 fell 0.4% and closed at 7,484.35 points.

In the region, the Italian FTSE MIB index fell 1.1%, while the Spanish IBEX 35 managed to close with small gains of 0.06%.


Source: Capital

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