Europe closes lower on inflation worries

Mittwoch, 23. Juni 2021 17:32

Major European stock markets closed mostly lower on Wednesday as rising inflation concerns overshadowed the data reports. The United Kingdom's private sector activity slowed its growth pace in June, while the Flash Composite Output Index declined compared to the previous month.

Meanwhile, Eurozone's PMI Composite Output Index rose to 59.2, beating expectations and reaching a 15-year high. Germany's business activity also expanded in June and hit a 10-year high. German Finance Minister Olaf Scholz predicted the country's economic growth to exceed previous forecasts due to the lowest national debt among G7 states.

The DAX plunged by 1.15% led by Volkswagen losing 2.44%. The FTSE 100 closed with 0.22% in the red as Melrose Industries declined by 2.65%, while CAC 40 fell by 0.91% with Vivendi dropping by 3.22%. The euro remained flat against the dollar, advancing only by 0.4% to exchange hands for $1.19454 at 5:27 pm CET. At the same time, the British pound grew by 0.11% to sell for $1.29655.

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Breaking the News / LH