Europe closes lower on inflation data

Monday, 31. May 2021 17:32

French and German equity markets closed lower on Monday while British and American stock markets were closed for Spring Bank Holiday and Memorial Day respectively. In Germany investors reacted to the inflation increase to 2.5% in May year-on-year, topping estimates. Meanwhile, media reports suggested that G7 members are likely to support the global minimum corporate tax rate and additionally will commit to carbon pricing in efforts to fight climate change.

France started offering COVID-19 vaccines to all adults above the age of 18 with some places waiving the requirement to schedule an appointment in advance. The European Commission proposed to lift some travel restrictions within the bloc, taking into account the EU Digital COVID Certificate.

The DAX was down 0.64% at the closing bell with Siemens dropping by 1.68%, while the CAC 40 lost 0.57% led by Safran falling by 1.42%. The euro gained 0.28% against the dollar to trade for $1.22258 at 5:25 pm CET, at the same time the British pound grew by 0.15% to exchange hands for $1.42082.

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