6/30/2021, 5:30 PM (Source: TeleTrader)
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Europe closes lower on inflation worries

Major European stock markets closed lower on Wednesday as inflation concerns take charge. The annual inflation in the Euro area (EA19) amounted to 1.9% in June, down from 2% in May, while the Bank of England's economist Andy Haldane described the current economic situation as the "most dangerous moment inflation-targeting has so far faced."

United Kingdom's GDP decreased by 1.6% in the first quarter since the previous three-month period. Year-on-year it fell by 6.1%, still lower than pre-pandemic. Meanwhile, COVID-19 cases continue to rise as Delta variant speeds its pace of spread. The UK reported the highest number of positive coronavirus tests since January.

The Dow closed with 1.02% in the red led by Simens losing 3.20%. The FTSE 100 fell by 0.71% with Prudential PLC shedding 3.61%, while the CAC 40 dropped by 0.91% as Renault sank by 2.85%. The euro slid by 0.35% against the dollar trading for $1.18553 at 5:26 pm CET, at the same time the British pound decreased by 0.18% exchanging hands for $1.28131.

Baha Breaking News (BBN) / LH