{"id":23346,"date":"2022-06-29T16:55:41","date_gmt":"2022-06-29T16:55:41","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/06\/29\/european-stocks-close-lower-on-recession-fears\/"},"modified":"2022-06-29T16:55:41","modified_gmt":"2022-06-29T16:55:41","slug":"european-stocks-close-lower-on-recession-fears","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/06\/29\/european-stocks-close-lower-on-recession-fears\/","title":{"rendered":"European Stocks Close Lower On Recession Fears"},"content":{"rendered":"
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European stocks ended notably lower on Wednesday as fears about a possible recession rendered the mood bearish. <\/p>\n

Investors also reacted to comments from Fed Chair Jerome Powell at the Sintra forum that there was a risk the rate hikes may slow the economy<\/span> too much. He added the bigger risk was letting inflation run rampant. <\/p>\n

Automobile shares were among the major losers in European markets<\/span>. Miners fell after recent gains on hopes of resurgent demand from China.<\/p>\n

The pan European Stoxx 600 drifted down 0.67%. The U.K.’s FTSE 100 edged down 0.15%, Germany’s DAX tumbled 1.73% and France’s CAC 40 shed 0.9%, while Switzerland’s SMI edged up 0.02%.<\/p>\n

Among other markets in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Iceland, Ireland, Netherlands, Poland, Portugal, Russia, Spain, Sweden and Turkey ended sharp to moderately lower. Denmark closed on a positive note.<\/p>\n

In the UK market, British Land plunged 8.6%. Ocado Group, Land Securities, Pearson, IAG, Whitbread, Antofagasta, ICP, Rolls-Royce Holdings, Aveva Group, Diageo, Segro, Fresnillo and Prudential lost 2 to 7%.<\/p>\n

Standard Chartered climbed nearly 3%. AstraZeneca shed about 2.5%, while Severn Trent, United Utilities, B&M European Value Retail, GSK, RS Group, Experian and HSBC Holdings gained 1 to 2%.<\/p>\n

In the French market, Atos, Renault, Accor, Unibail Rodamco, Air France-KLM, Vivendi, Faurecia, Safran, ArcelorMittal and CapGemini lost 3 to 6%.<\/p>\n

Saint Gobain, Airbus Group, Pernod Ricard, Societe Generale, BNP Paribas, Credit Agricole, Publicis Groupe, Sodexo and STMicroElectronics also declined sharply, while Sanofi rallied 1.5%.<\/p>\n

In Germany, Volkswagen, Bayer, Covestro, Porsche Automobil, Deutsche Bank, MTU Aero Engines, BASF, E.ON, BMW, Daimler, Siemens, HeidelbergCement, Vonovia and Linde lost 2 to 4.4%.<\/p>\n

In economic releases, Eurozone’s final consumer confidence index arrived at -23.6 in June vs. -23.6 recorded previously, matching estimates.<\/p>\n

A preliminary reading on German inflation is awaited. The euro trimmed losses after Spain’s annual inflation rate hit a 37-year high.<\/p>\n

U.K. shop prices grew at the fastest pace since 2008, reflecting the cost of living crisis, separate data published by the British Retail Consortium showed.<\/p>\n

The BRC-NielsenIQ shop price index increased 3.1% on a yearly basis in June, following May’s 2.8% rise. This was the biggest annual growth since September 2008. <\/p>\n<\/p>\n

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