Europe closes lower on inflation concerns

Friday, 17. September 2021 17:31

Major European equity markets closed the last trading session of the week lower after turning red. The main focus was on price pressures following Eurostat's reports that the inflation rate in the euro area rose to 3%. ECB's Vice President Luis de Guindos commented that if supply issues remain, this year's inflation could be higher than estimated before falling back in 2022.

United Kingdom retail sales fell 0.9% on a monthly basis in a fourth consecutive monthly decline, marking the longest negative streak of the figure. Meanwhile, Germany's DAX stock index will be expanded by 10 companies on Monday, bringing the total number of constituents to 40.

The DAX plunged 1.03% led by Deutsche Post losing 3.15%. The FTSE 100 dropped by 0.91% as Anglo American plummeted by 8.07%, while the CAC 40 slid by 0.79% with Veolia Environment falling by 6.46%. The euro decreased by 0.24% against the dollar to sell for $1.17371 at 5:27 pm CET, at the same the British pound declined by 0.27% exchanging hands for $1.37564.

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Breaking the News / LH