Europe closes with losses on economic uncertainty
European stock exchanges closed trading session on Tuesday below the flatline, as economic uncertainty clouded the market stability, erasing recorded gains at the opening bell. The latest reading on German producer prices recorded an increase of 45.8% on a yearly basis.
The downturn trend was seemingly led by the Federal Reserve's two-day meeting that will further determine its monetary policy in the face of mounting inflation in the country. In addition, the Swedish central bank revealed a more-than-predicted rise in its policy rate, while the market participants awaited further steps by the Bank of England, the Swiss National Bank, and the Norges Bank in combating the economic crisis.
Frankfurt's DAX plummeted by 1.08% or 137 points, with HeidelbergCement losing 4.57%. The CAC 40 slipped by 1.35%, as Teleperformance SE fell by 4.94%. London's FTSE 100 was down by 0.61%, with Schroders PLC sinking by 15.50%.
The euro was 0.37% lower against the dollar, going for $0.99873 at 5:28 pm CET. At the same time, the pound sterling dropped 0.24% versus the greenback, to change hands to $1.14043.