5/24, 5:35 PM (Source: TeleTrader)
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Europe closes lower after disappointing data

Major market indexes in Europe closed Wednesday's session in negative territory, prompted by discouraging economic updates across the Old Continent. The German Ifo Institute for Economic Research reported a deterioration in the business climate for May, while in the United Kingdom, April's annual inflation reached a higher-than-anticipated 8.7%. Traders also remain closely engaged in the ongoing debt ceiling talks in Washington, as progress seems slow.

The DAX plummeted 1.92% at the closing bell, and Euro Stoxx 50 slid 1.81%, as Infineon tumbled 5.82% on both indexes. The CAC 40 plunged 1.70%. The worst performer was STMicroelectronics, declining 5.38%. The FTSE 100 dropped 1.75% at the close, as Persimmon traded 5.52% lower.

The euro traded 0.09% below the dollar at 5:33 pm CET, selling for 1.07602, while the pound fell 0.35% against the greenback to go for 1.23704 simultaneously.

Baha Breaking News (BBN) / MX