European stocks on Thursday gave up their early rise and fell amid concerns about the recent pace of inflation and the outlook for rising interest rates.
German producer prices have risen at the fastest pace, driven by rising energy prices since the series began in 1949, Destatis reported earlier today, adding inflation concerns.
Producer prices rose 19.2% in November and then rose 24.2% year-on-year in December. This is the strongest year-on-year increase since the survey was started in 1949, exceeding the economist’s forecast of 19.4%.
On a monthly basis, producer inflation rose from 0.8% in November to 5.0%. Economists predicted that prices would rise again by 0.8%.
The Pan-European STOXX 600 was down 0.4% to 479.16 after rising 0.2% on Wednesday.
Germany’s DAX fell 0.4%, France’s CAC 40 index fell 0.6%, and the UK’s FTSE 100 fell 0.3%.
Norway’s Telenor rose 0.5% after accelerating the modernization of its telecom system in partnership with Amazon Web Services (AWS).
Sweden’s Sandvik rose slightly after reporting higher-than-expected earnings and orders in the market.
Unilever added 1.4%.Consumer goods giant said it would not raise GlaxoSmithKline’s rejected £ 50 billion ($ 68 billion) offer to consumer health care jobs..
Miners have fallen altogether, despite China’s stepping up monetary easing efforts by lowering mortgage reference rates for the first time in nearly two years.
Deliveroo rose 2.7%. An online food delivery company said total transaction value (GTV) for orders on its platform increased 36% year-on-year in the fourth quarter.
Primark owners Associated British Foods fell 1.5%. The company said it has cut about 400 jobs across its UK stores in the fashion chain as part of a review of its retail management team.
German sportswear giant Puma rose 1.6% after recording higher-than-expected sales and revenues.
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European stocks fall due to inflation concerns
Source link European stocks fall due to inflation concerns
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