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Market Update: European Shares Tumble More than 1%
All main European bourses dropped more than 1% on Friday, with energy and financials shares once again among the worst performers, while technology-related stocks resumed their slide. Concerns over rising inflationary pressures and the possibility of early tapering by the Federal Reserve offset hopes of a solid economic recovery in Europe. Also, investors digested recent data showing that Germany’s producer inflation jumped in May to the highest level since 2008, while UK retail sales unexpectedly dropped over the same period. Domestically, the benchmark DAX posted its biggest one-day drop since May 19th to end the week on a sour note. [/s2If]
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