10/20, 5:31 PM (Source: TeleTrader)
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Europe closes mostly flat on troubling inflation data

Major stock markets in Europe closed mostly flat on Wednesday as Eurostat reported an inflation rate of 3.4% for the Eurozone and 3.6% for the wider Union, both up 0.5% from last month. This followed Germany reporting staggering energy price increases and the United Kingdom reporting worse than expected results in consumer and producer prices for September.

Meanwhile, Bundesbank chief and European Central Bank Governing Council Member Jens Weidmann resigned for personal reasons, warning of inflationary dangers in a parting message and the UK recorded its highest new COVID case amount in three months.

The DAX and FTSE 100 were both flat while the CAC 40 gained 0.54% led by Hermes International adding 2.26%. The euro and the pound were both up against the greenback at 5:28 pm CET, changing hands for $1.16447 and $1.38236 respectively at increases of 0.09% and 0.21%.

Breaking the News / IB