Europe closes lower after ECB's remarks

Thursday, 06. October 2022 17:31

Major stock market indexes in Europe closed lower on Thursday after the European Central Bank warned that the decline in the value of the euro could contribute to the inflationary pressures in the Eurozone. Before that, the latest report revealed a new monthly drop in retail sales in the euro area. Meanwhile, the United Kingdom's National Grid stated there is a possibility that parts of the country will see three-hour power cuts during the winter.

The DAX closed 0.33% lower as E.ON SE decreased by 2.90%. The FTSE 100 fell by 0.73%, with Kingfisher PLC plunging by 4.52%. The CAC 40 traded 0.70% lower at the close as ArcelorMittal SA dipped by 3.70%.

The euro lost 0.58% to the dollar to go for $0.98275 at 5:30 pm CET. At the same time, the pound sterling declined by 1.29% against the greenback, selling for $1.11822.

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