Wall Street

Inflation shock drives European stocks to fifth day of losses

Published by
Reuters UK

(Reuters) – European stocks fell for a fifth straight session on Monday, dragged down by economically sensitive stocks, as a sharp rise in U.S. inflation raised concerns about aggressive interest rate hikes by the Federal Reserve. The pan-European STOXX 600 index fell 1.1% by 0712 GMT, hitting a fresh one-month low. Asian stocks tumbled more than 2%, also hit by a COVID-19 warning from Beijing. Stock markets took cues from a sharp Wall Street sell-off on Friday after data showed the U.S. CPI surged 8.6% in May, its biggest gain since 1981. [.N] Cyclical sectors such as travel & leisure, automa…

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