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9/26, 9:03 AM (Source: TeleTrader)
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European stocks mostly lower as pound weakens against dollar

European stock markets opened mostly lower on Monday amid concerns about the global economic climate and the situation in Ukraine. Market participants remain concerned as inflation continues to rise and central banks resort to aggressive interest rate hikes.

During premarket hours, the British pound continued its downward trend compared to the dollar, falling below $1.08 and trading at 37-year-lows. Before the opening, it was down by 1.81% to sell for $1.06627 at 8:58 am CET. The euro fell by 0.45% against the dollar selling for $0.96457 at the same time.

On the political front, investors and analysts are closely watching Italy after the right-wing coalition led by Giorgia Meloni and her party, Brothers of Italy, won the general election.

Finally, the DAX lost 0.50% at 9:01 am CET, with Siemens Energy AG down by 4.54%. The CAC 40 fell 0.54%, while Vinci decreased by 1.67%. A minute later, the FTSE 100 rose 0.17%, as Unilever edged up by 3.38%.

Baha Breaking News (BBN) / JG