European markets close Tuesday in red

By Gokhan Ergocun

ISTANBUL (AA) – Major European markets closed Tuesday with declines amid high inflation figures and possibilities for tightening monetary policies.

The annual inflation in Germany hit the 50-year high – 7.9% – due to increasing fuel and food prices, according to official data released on Tuesday.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, lost 5.2 points, or 1.26%, to end the day at 407.32.

The UK's FTSE 100 index was down 18.35 points, or 0.25%, to end the day at 7,187.46.

Germany's DAX 30 also dropped 122.64%, or 0.91 points, to 13,304.39, while France's CAC 40 decreased 72.48%, or 1.2 points, to 5,949.84.

Italy's FTSE MIB lost 71.15 points, or 0.32%, to stand at 21,846.89.

Spain's IBEX 35 fell by 116.9 points, or 1.43%, to 8,066.40.