{"id":23391,"date":"2022-06-30T17:04:31","date_gmt":"2022-06-30T17:04:31","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/06\/30\/european-stocks-close-sharply-lower-on-growth-worries-2\/"},"modified":"2022-06-30T17:04:31","modified_gmt":"2022-06-30T17:04:31","slug":"european-stocks-close-sharply-lower-on-growth-worries-2","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/06\/30\/european-stocks-close-sharply-lower-on-growth-worries-2\/","title":{"rendered":"European Stocks Close Sharply Lower On Growth Worries"},"content":{"rendered":"
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European stocks tumbled on Thursday as concerns about inflation and interest rate hikes triggered heavy selling across various sectors in most of the markets<\/span> in the region. <\/p>\n

Stocks suffered their worst quarter since the pandemic-led carnage in early 2020 amid worries about prolonged inflation leading to a global economic downturn.<\/p>\n

As several central banks are certain to aggressively tighten their policies in order to combat soaring inflation, investors fear a significant slowdown in global economic growth.<\/p>\n

The pan European Stoxx 600 drifted down 1.5%. The U.K.’s FTSE 100 ended lower by 1.96%, while Germany’s DAX and France’s CAC 40 dropped 1.69% and 1.8%, respectively. Switzerland’s SMI slid 0.65%.<\/p>\n

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain and Sweden all ended weak. Turkey edged up marginally.<\/p>\n

Anglo American Plc, Smith (DS), B&M European Value Retail, Scottish Mortgage, Associated British Foods, IAG, Rio Tinto, Land Securities Group, Aviva, Glencore, Standard Chartered and HSBC Holdings lost 3 to 5.3%.<\/p>\n

Croda International, Bunzl and Spirax-Sarco Engineering climbed 1.6 to 2%.<\/p>\n

In the French market, Societe Generale tumbled more than 6%. Faurecia, Valeo, WorldLine, Air France-KLM, Sanofi, Unibail Rodamco, ArcelorMittal, Engie, BNP Paribas, Veolia, Cap Gemini, Credit Agricole, Bouygues, Renault and STMicroElectronics lost 2.5 to 5.5%.<\/p>\n

Sodexo, Thales, Publicis Groupe and Safran posted moderate gains.<\/p>\n

In Germany, RWE, Volkswagen, Daimler, Siemens, E.ON and Porsche Automobil declined 4 to 5.3%. <\/p>\n

Vonovia, SAP, Infineon Technologies, HeidelbergCement, Deutsche Bank, Continental and HelloFresh lost 2 to 4%. Deutsche Wohnen, Henke, Bayer, Puma, BMW, Allianz and Fresenius Medical Care also ended notably lower.<\/p>\n

Siemens Healthineers rallied nearly 2.5%. Zalando, Qiagen, Munich RE and MTU Aero Engines also closed higher.<\/p>\n

On the economic front, data from the Office for National Statistics showed U.K. Gross domestic product rose 0.8% from the fourth quarter, in line with the estimate published on May 12. This was slower than the 1.3% expansion seen in the fourth quarter.<\/p>\n

UK house price inflation eased more than expected to a six-month low in June, but remained strong overall reflecting the improvement in the labor market, survey results from the Nationwide Building Society showed. The house price index logged a double-digit growth of 10.7% year-over-year in June, slightly slower than an 11.2% rise in May.<\/p>\n

Germany’s retail turnover recovered in May, with sales growing by real 0.6%, in contrast to a 5.4% fall in April. Economists had forecast a monthly growth of 0.5%.<\/p>\n

Germany’s import prices grew 30.6% year-over-year in May, slower than the 31.7% rise in April, data from Destatis showed. The expected increase was 31.5%.<\/p>\n

The jobless rate in Germany rose to 5.3% in June, the highest since November. The rate was forecast to remain unchanged at 5%.<\/p>\n

France’s consumer price inflation accelerated at a faster-than-expected pace in June to a new record high, while producer price increase eased slightly in May, flash data from the statistical office Insee showed on Thursday.<\/p>\n

EU harmonized inflation rose to 6.5% in June from 5.8% in May, data showed. Economists had forecast inflation to accelerate to 6.3%.<\/p>\n

The euro area unemployment rate dropped to a new record low in May, falling marginally to 6.6% in the month, from revised 6.7% in April, figures from Eurostat showed. <\/p>\n

Switzerland’s retail sales declined for the third straight month in May, falling 1.6% year-on-year, following a revised 5.5% decrease in April, data from the Federal Statistical Office showed. <\/p>\n<\/p>\n

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