1/19, 9:02 AM (Source: TeleTrader)
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Europe opens in red on recession concerns

European stock exchanges opened the trading session on Thursday registering losses, as worse-than-expected data seemingly fueled concerns of an economic downturn this year.

The European Central Bank Governing Council member, Klaas Knot, estimated that 50 basis point hikes in interest rates might be required in the coming period, underlining that high inflation could push the rates to remain elevated until July 2023.

The DAX fell 0.10% and the Euro Stoxx 50 tumbled 0.47% at the opening bell, as Adidas AG declined by 2.11%. The FTSE 100 dropped 0.47%. Fresnillo Plc was its worst performer, plummeting by 3.67%. The CAC 40 slipped 0.45%, with Renault SA pulling the index down by 1.95%.

The euro rose 0.16% against the greenback, to sell at $1.08066 at 9:01 am CET. At the same time, the pound sterling lost 0.07% against the dollar, to change hands to $1.23294.

Baha Breaking News (BBN) / AB