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Market Update: European Equities Turn Lower in Afternoon Trading
European equity markets moved lower Friday afternoon, with energy stocks, financials, utilities, consumer-goods and services firms, and basic materials companies among the worst performers. Concerns over rising inflationary pressure and the possibility of early tightening of monetary policy by the US Fed offset hopes of a solid economic recovery in Europe. Also, investors digested key economic data showing Germany’s producer inflation jumped in May to the highest level since 2008, when prices rose strongly before the financial crisis; while UK retail sales unexpectedly dropped over the same period. In other news, post-Brexit tensions continued, after the UK asked the EU to suspend an imminent ban on some meat products in Northern Ireland. Frankfurt’s DAX 30 lost 1% to 15,570; the FTSE 100 fell 1.1% to 7,070; the CAC 40 declined 0.6% to 6,620; the IBEX 35 slumped 1.5% to 9,060; and the FTSE MIB retreated 0.5% to 25,580. [/s2If]
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