Economic news

European stocks touch six-month trough following selloff in U.S

European stocks slumped to their nadir since August 2017 on Tuesday amid a global sell-off in equities and increasing concerns over inflation and rising bond yields.

Photo: Reuters

The Stoxx Europe 600 index fell 3.2% to 369.93.

Germany’s DAX 30 index DAX slipped 3.5% to scale 12,248.51, while France’s CAC 40 index tumbled 3.2% to 5,117.34. The UK’s FTSE 100 index lost 3% to 7,119.77.

Traders spooked that rising inflation would push central banks to tighten monetary policies more quickly than expected, moving back from years of stimulus packages that boosted European shares to 2 year peak in January.

Ocado led decline on Tuesday, losing 7.1 percent, after the British online supermarket missed forecasts with flat full-year core earnings, while Babcock dipped 4 percent after downgrading its revenue outlooks.

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