Europe closes lower on declining economic sentiments

Tuesday, 12. October 2021 17:31

Major equities in Europe closed lower on Tuesday amid investor concerns for surging inflation, continuing supply shortages and monetary policy changes from the central banks. Data reports revealed that euro-area economic sentiment declined further in October, while Germany saw a fifth consecutive month of dropping sentiments and expectations. Meanwhile, the IMF lowered its global growth projection for 2021 from 6% to 5.9%, keeping the 2022 forecast unchanged.

The DAX fell by 0.34% led by MTU Aero Engines losing 3.03%. The FTSE 100 slid by 0.23% as International Consolidated Airlines plunged by 3.35%, while the CAC 40 dropped by 0.34% with Safran decreasing by 2.63%.

The euro declined by 0.07% against the dollar exchanging hands for $1.15428 at 5:28 pm CET, at the same time the British pound was flat relative to the greenback selling for $1.35992.

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Breaking the News / LH