{"id":15531,"date":"2021-10-29T10:01:31","date_gmt":"2021-10-29T10:01:31","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/10\/29\/european-shares-slide-on-inflation-worries\/"},"modified":"2021-10-29T10:01:31","modified_gmt":"2021-10-29T10:01:31","slug":"european-shares-slide-on-inflation-worries","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/10\/29\/european-shares-slide-on-inflation-worries\/","title":{"rendered":"European Shares Slide On Inflation Worries"},"content":{"rendered":"
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European stocks fell on Friday, with inflation worries and disappointing quarterly earnings results from Apple and Amazon denting sentiment. <\/p>\n

While Amazon badly missed on earnings and revenue, Apple warned supply chain disruption would be an increasing obstacle in the final quarter. <\/p>\n

The euro area economy<\/span> grew at a slightly faster pace in the third quarter, preliminary flash estimate from Eurostat showed earlier today. <\/p>\n

Gross domestic product grew 2.2 percent sequentially after expanding 2.1 percent in the second quarter. Economists had forecast the quarterly growth to ease to 2 percent.<\/p>\n

On a yearly basis, economic growth slowed markedly to 3.7 percent from 14.2 percent a quarter ago. Nonetheless, the pace of growth was faster than the economists’ forecast of 3.5 percent.<\/p>\n

The EU27 logged a sequential growth of 2.1 percent in the third quarter taking the annual expansion to 3.9 percent.<\/p>\n

Separately flash data from Eurostat showed that Eurozone inflation accelerated sharply to the highest since 2008 on higher energy prices.<\/p>\n

Inflation rose to 4.1 percent in October from 3.4 percent in September. This was also faster than the economists’ forecast of 3.7 percent. A similar higher rate was last registered in July 2008.<\/p>\n

The pan European Stoxx 600 was down half a percent at 472.97 after closing 0.2 percent higher on Thursday.<\/p>\n

The German DAX fell 0.9 percent, France’s CAC 40 index eased 0.3 percent and the U.K.’s FTSE 100 was down 0.4 percent.<\/p>\n

Tech stocks were losing ground in reaction to the downbeat holiday-quarter forecast from the iPhone maker.<\/p>\n

Infineon Technologies gave up 1 percent, AMS dropped 1.3 percent and STMicroelectronics lost 1.8 percent.<\/p>\n

NatWest Group lost 4 percent despite delivering profit figures comfortably ahead of expectations.<\/p>\n

Similarly, building materials firm Saint-Gobain gave up 4 percent despite reporting a rise in nine-month sales.<\/p>\n

Air France-KLM shares jumped 4 percent after the airline group significantly reduced its net loss in the third quarter.<\/p>\n

Luxury eyewear group EssilorLuxottica advanced 2.5 percent after raising its full-year guidance.<\/p>\n

BNP Paribas rose over 1 percent. The lender launched a share buyback program for a maximum total of 900 million euros ($1 billion) after posting a strong rise in third-quarter profit.<\/p>\n

Daimler added 1.2 percent after the carmaker posted a higher quarterly profit despite a 30 percent drop in Mercedes-Benz sales due to the chip crisis.<\/p>\n

Aircraft engine manufacturer MTU Aero Engines gained 2.2 percent. The company reported that its third-quarter net income was 87 million euros, significantly higher than last year’s 16 million euros. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n