Europe drops on open amid fears of US rate hike

Thursday, 13. May 2021 09:00

European stock markets opened with losses on Thursday as the latest inflation data from the United States caused concerns the Federal Reserve could hike interest rates earlier than expected. The US Bureau of Labor Statistics said that US consumer prices surged 4.2% in April on an annual basis, reaching the highest inflation rate since September 2008.

The FTSE 100 dropped 1.10% at 9:00 am CET. BT was the worst performer as its shares plunged 4.61% at 9:01 am CET after the company reported worse-than-expected earnings.

The DAX tumbled 1.17% at 9:03 am CET with BMW, down 3.18%, leading the losses.

The CAC 40 slid 0.93% at 9:00 am CET as ArcelorMittal dived 3.36% at 9:02 am CET.

The euro added 0.21% against the dollar to sell for 1.20973 at 9:02 am CET, while the pound traded flat compared to the US currency, going for 1.4054 at the same time.

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Breaking the News / NP