Europe opens lower on economic uncertainty

Monday, 25. July 2022 09:01

European stock exchanges traded lower at the opening bell, as economic uncertainty fueled by inflation fears across the region drove the negative sentiment in the markets.

The European Central Bank decided to raise interest rates by 50 basis points, marking the first rate hike since 2011 warning that inflation will remain undesirably high for some time. Rate hikes in the near future will be determined by the economic situation in the coming period. In addition, the German Institute for Economic Research will reveal the country's business climate later today, while Ryanair Holdings and Royal Philips N.V. published their earnings report this morning.

At the opening bell, Frankfurt's DAX decreased by 0.44%, with Volkswagen AG plummeting by 3.01%. The CAC 40 fell by 0.27%, as ArcelorMittal SA lost 1.37%. London's FTSE 100 plunged by 0.16% with Flutter Entertainment Plc. as its worst performer, dropping 2.08%.

The euro was flat against the dollar going to $1.01960 at 8:57 am CET, while the pound fell by 0.19% against the dollar changing hands to $1.19866 at the same time.

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Author:
Baha Breaking News (BBN) / AB