European stocks close lower as inflation risks grow

Wednesday, 13. July 2022 17:40

Major European stocks recorded losses at the end of Wednesday's trading session as expanding inflation risks continued to trouble investors. The euro plunged to a 7-year low against the Swiss franc, while temporarily reaching parity against the American dollar.

The DAX tumbled 1.16% or 149 points at the closing bell, as gas prices continued to surge amid the shutdown of the Nord Stream pipeline for planned maintenance. As the race for the next British prime minister continued, the FTSE 100 lost 0.74%. The CAC 40 fell by 0.73%.

The euro turned to gains to trade 0.48% against the dollar and sell for 1.00864 at 5:38 pm CET, while the pound rose 0.25% to $1.19174. The euro also traded flat against the Swiss franc at 0.98588 at the same time.

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