{"id":14136,"date":"2021-09-20T17:23:09","date_gmt":"2021-09-20T17:23:09","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/09\/20\/european-stocks-close-sharply-lower-on-growth-worries\/"},"modified":"2021-09-20T17:23:09","modified_gmt":"2021-09-20T17:23:09","slug":"european-stocks-close-sharply-lower-on-growth-worries","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/09\/20\/european-stocks-close-sharply-lower-on-growth-worries\/","title":{"rendered":"European Stocks Close Sharply Lower On Growth Worries"},"content":{"rendered":"
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European stocks tumbled on Monday, hitting two-month lows in the process, amid worries about slowing global growth, concerns over a potential spillover of the debt crisis at China Evergrande Group and the prospect of tighter monetary policy from the Federal Reserve.<\/p>\n

The Fed’s policy meeting is scheduled to take place on Tuesday and Wednesday. The central bank is widely expected to lay the groundwork for a tapering. <\/p>\n

The Bank of England, scheduled to announce its monetary policy on Thursday, is expected to adopt a hawkish tone after inflation hit an over nine-year high.<\/p>\n

The pan European Stoxx 600 slumped 1.67%. The U.K.’s FTSE 100 drifted down 0.86%, Germany’s DAX plunged 2.31% and France’s CAC 40 declined 1.74%, while Switzerland’s SMI shed 1.42%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkey all ended sharply lower, with their benchmarks falling by 1 to 3%.<\/p>\n

In the UK market, Prudential plunged nearly 8.5% after it announced a share offer to raise up to 5% of its issued share capital on the Hong Kong Stock Exchange through a concurrent Hong Kong public offer and international placing.<\/p>\n

Standard Chartered tumbled 7% and Schrodders declined 6.6%. Smith (DS), ICP, Anglo American Plc, Ashtead Group, Barclays, Lloyds Banking Group, Just Eat Takeaway, Antofagasta, Glencore, Aviva, Evraz, Natwest Group, Rio Tinto and Fresnillo lost 2 to 5.2%.<\/p>\n

IAG soared more than 11%. AstraZeneca shares climbed 6.15% after the pharmaceutical giant said that its cancer treatment Enhertu reduced the risk of disease progression or death by 72 percent in patients with HER2-positive metastatic breast cancer.<\/p>\n

Rolls-Royce Holdings gained 4.25% and Polymetal International surged up 2.05%. Unilever, Sainsbury (J), GlaxoSmithKline, Reckitt Benckiser and Compass Group also ended notably higher.<\/p>\n

In the French market, ArcelorMittal ended nearly 7% down. Societe Generale, Faurecia, Technip and BNP Paribas 4.2 to 5.4%.<\/p>\n

Air France-KLM climbed nearly 5.5% and Safran gained about 2.6%.<\/p>\n

In Germany, Deutsche Bank plunged more than 7% and Continental lost nearly 6%. Volkswagen, Munich RE, Siemens, Covestro, Allianz, HeidelbergCement, Porsche Automobil, BMW, Infineon Technologies, Merck, SAP and BASF shed 2 to 5%.<\/p>\n

Daimler declined sharply after media reports quoted the chief of the company’s truck division as saying the unit had seen the supply of crucial chips tighten further in recent weeks.<\/p>\n

Credit Agricole, Valeo, Legrand, Schneider Electric, Michelin, Accor, Renault, Saint Gobain, Capgemini and STMicroElectronics lost 1.7 to 4%.<\/p>\n

In economic releases, German producer price inflation rose to 12% in August from 10.4% in July, Destatis reported. This was the biggest growth since December 1974, when prices were up 12.4% amid the first oil crisis.<\/p>\n

The average price of property coming to the UK housing market hits a new all-time high in September despite the traditional summer holiday lull, data from property website Rightmove showed.<\/p>\n

The average asking price was GBP 338,462. Nonetheless, Rightmove said this new record high was only GBP 15 higher than the previous record set in July, a sign that prices are now stabilizing.<\/p>\n

House prices increased 5.8% year-on-year in September after rising 5.6% in August, the data said. <\/p>\n<\/p>\n<\/div>\n