6/22, 9:03 AM (Source: TeleTrader)
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Europe drops at open, DAX falls 1.7%

Major European stock market indexes traded lower at the open on Wednesday, after the United Kingdom’s Office for National Statistics reported that the inflation in the country hit a 40-year high in May to stand at 9.1%. The UK government officials underscored that they are "using all the tools at our disposal" to curb inflation. Meanwhile, Bank of France Governor Francois Villeroy de Galhau asserted that France should not be facing a recession in 2022.

The DAX tumbled 1.73% at the opening bell, with Zalando falling 2.63% at 9:03 am CET. The CAC 40 plunged 1.48% at 9:01 am CET, as Credit Agricole decreased 2.63% a minute later. The FTSE 100 was down 0.70% at the open, with Shell declining 3.53% at 9:01 am CET. The euro lost 0.37% against the dollar at 8:59 am CET, selling for 1.04918. The pound was 0.44% down versus the greenback, going for 1.22244 at the same time.

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