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10/27, 5:31 PM (Source: TeleTrader)
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Europe closes lower following UK budget plan

Major stock markets in Europe closed lower on Wednesday as investors digested a new batch of quarterly earnings, including from Banco Santander and Deutsche Bank. Meanwhile, British Chancellor of the Exchequer Rishi Sunak delivered his autumn budget statement before the UK parliament, forecasting a bigger-than-expected economic growth of 6.5% in 2021 and urging lawmakers to work against the inflation hikes.

The DAX lost 0.33% led by Deutsche Bank dropping by 6.92%. The FTSE 100 was down 0.33% at the closing bell as Admiral Group fell by 5.51%, while the CAC 40 declined by 0.19% with Worldline plunging by 15.93%.

The euro remained flat against the dollar to sell for $1.15906 at 5:25 pm CET, at the same time the British pound slid by 0.26% exchanging hands for $1.37300.

Breaking the News / LH