TELETRADER News
6/30/2021, 5:30 PM (Source: TeleTrader)
more TeleTrader news

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