Europe closes lower on rising August inflation

Tuesday, 31. August 2021 17:35

Major European stock markets closed with losses on Tuesday as the latest consumer prices report for August showed Eurozone inflation made a significant jump to reach 3%. Meanwhile in Germany, the unemployment rate remained virtually unchanged this month at 5.6%.

As the European Union reached the 70% mark of fully vaccinated adults against the COVID-19, President of the Dutch central bank Klaas Knot argued the pandemic emergency purchase programme (PEPP) could end in March next year.

The DAX declined by 0.33% at the closing bell, with Covestro AG plunging 3.14%. The FTSE 100 dropped 0.40%, as Melrose Industries sank 10.71%. The CAC 40 fell 0.11%. ArcelorMittal SA led the losses, decreasing by 2.97%. Both the euro and the pound stood flat against the dollar at 5:34 pm CET to sell for 1.17985 and 1.37565, respectively.

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