Europe slumps at open on economic uncertainty

Tuesday, 11. October 2022 09:03

Major European stock exchanges opened the session on Tuesday with losses on economic uncertainty driven by raging inflation and recession risks. The negative trend was seemingly prompted by rising tensions in Ukraine, as blasts shook the country's capital the day before. United States President Joe Biden pledged to provide Kiev with advanced air defense systems in a telephone conversation with Ukrainian President Volodymyr Zelensky.

Meanwhile, investors anticipated the latest update on the United States consumer price index, due on Thursday, along with economic data across the euro area, including German inflation, EU industrial production, and UK GDP later this week.

Frankfurt's DAX slumped by 0.84% at the opening bell, losing 103 points, as Symrise AG sank 3.97%. The CAC 40 plummeted by 0.79% with Pernod Ricard falling by 1.05%. London's FTSE 100 slipped by 0.50%, as Aviva Plc pulled the index down by 2.60%. The euro dropped 0.08% against the dollar, to change hands to $0.96937 at 9:01 am CET. At the same time, the pound sterling slipped 0.41% against the American currency, selling at $1.01118.

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Baha Breaking News (BBN) / AB