European Shares Slide On Inflation Worries

Business

European stocks fell on Wednesday amid inflation worries after data showed British consumer price inflation jumped to 10.1 percent in July, its highest since February 1982, intensifying the squeeze on households.

Separately, preliminary data from Eurostat revealed that growth in the Eurozone slowed slightly in the second quarter.

Seasonally adjusted GDP in the common currency area rose by 0.6 percent during the period, down from 0.7 percent in the prior quarter.

Unemployment figures for the single currency block and the minutes of the U.S. Federal Reserve’s July meeting are awaited later in the day.

The pan European Stoxx 600 slipped 0.1 percent to 442.58 after closing 0.2 percent higher on Tuesday.

The German DAX fell half a percent, France’s CAC 40 index shed 0.3 percent and the U.K.’s FTSE 100 was down 0.2 percent.

Danish brewer Carlsberg rallied 4 percent after delivering better-than-expected first-half revenue and earnings.

Swiss Life gained about 1 percent after reporting higher half-year net profit and confirming FY24 targets.

Uniper SE, the energy company which secured a 15-billion-euro bailout last month, plunged nearly 7 percent after saying it had suffered a net loss of more than 12 billion euros ($12.2 billion) in the first half of the year. The company was hit hard by reduced Russian gas deliveries.

Balfour Beatty shares jumped more than 9 percent. The British homebuilder raised its interim dividend after reporting a sharp rise in first-half profit.

Cineworld plummeted 43 percent to a record low after the movie theatre operator warned of low audiences due to ‘limited’ film releases.

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