European shares end Tuesday’s trading session with losses
Date
8/21/2024 8:55:32 AM
(MENAFN) European stock markets closed lower on Tuesday, influenced heavily by declines in energy stocks and growing inflationary pressures across the European Union (EU). The Stoxx 600 index, which tracks a broad spectrum of European equities, fell by 0.5 percent by the end of the trading day. This decline wiped out earlier gains and marked a retreat from the index’s recent peak, which had reached a three-week high earlier in the session.
In the major national indices, the British FTSE 100 experienced a 1 percent drop, closing at 8,273 points. Similarly, the German DAX index fell by 0.35 percent, ending the day at 18,357 points. The French CAC 40 also saw a decline, losing 0.2 percent and finishing at 7,485 points. Swedish stocks joined the downward trend, falling 0.5 percent and breaking a five-day winning streak.
The energy sector was particularly affected by an initial drop in oil prices, which led to a 2 percent decrease in energy stocks, pushing them to their lowest level in more than a week. Although commodity prices experienced a gradual increase throughout the day, the early drop in oil prices had already exerted significant pressure on the sector.
The broader market’s decline was compounded by concerns over rising inflation, with recent data indicating that annual inflation had accelerated in 14 EU countries over the past month. This inflationary pressure contributed to the overall negative sentiment in the markets, overshadowing any potential gains and leading to a lower close across European stock indices.
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