Europe closes lower on high inflation concerns

Monday, 17. May 2021 17:32

Major European stock markets closed lower on Monday despite opening in the green as investors share concerns of high inflation and echo United States market sentiments. The European Union and the US also agreed to work towards addressing steel and aluminum excess capacity as the EU decided to suspend the upcoming tariff increase.

Meanwhile, the Indian variant of the CPVID-19 virus is posing threat to crisis recovery. The United Kingdom eased some of its lockdown measures on Monday, but officials suggest that the next step in reopening, scheduled for June may be delayed. The World Economic Forum (WEF) canceled its August meeting in Singapore due to the fast spread of the mutant and its high transmission rate.

The DAX closed with 0.13% in the red as MTU Aero Engines lost 2.79%. The FTSE 100 slid by 0.15% led by Roll-Royce dropping by 4.33%, while the CAC 40 declined by 0.28% with Airbus falling by 2.68%. The euro was up 0.04% against the dollar to trade for $1.21502 at 5:27 pm CET, at the same time the British pound gained 0.16% exchanging hands for $1.41194.

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Breaking the News / LH