Inflation angst sends European stocks lower for third day
2022.04.13 10:47
FILE PHOTO:The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 11, 2022. REUTERS/Staff
(Reuters) – European shares retreated for a third straight session on Wednesday as anxiety about elevated inflation and its potential impact on upcoming earnings season dampened risk appetite.
The pan-European STOXX 600 index fell 0.2%, with retail and technology stocks offsetting gains in miners.
Wall Street reversed early gains to end lower on Tuesday after data showed U.S. consumer prices rose to over four-decade highs in March. UK’s FTSE 100 slipped 0.1% as British inflation hit a 30-year high last month. (L)
Britain’s biggest retailer Tesco (OTC:TSCDY) dropped 4.7% after it warned profit was likely to fall in the current year.
French luxury goods maker LVMH rose 1% as robust demand for Louis Vuitton and Dior products boosted first-quarter sales.
Telecom Italia (MI:TLIT)’s (TIM) gained 2.9% after reports French telecoms group Iliad was interested in making an offer TIM’s domestic consumer service business.
