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European stock markets close lower amid rising inflation

European stock markets close lower amid rising inflation
Italy's FTSE MIB 30 rises most by 0.95% this week, DAX 30 falls with 0.79%

By Ovunc Kutlu

ANKARA (AA) - Major stock markets in Europe closed lower on Friday with rising inflation and the German economy growing at a slower pace than expected.

STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 European countries, was down 0.45% to 461.74 points.

London's FTSE 100 fell 0.65% to 7,032 points and Germany's DAX 30 slipped 0.61% to 15,544.

The French stock market, the CAC 40, slided 0.32% to 6,612, while Italy's Borsa Italiana FTSE MIB 30 lost 0.6% to close at 25,363 and Spain's IBEX 35 was down 1.26% to 8,675.

On a weekly basis, STOXX Europe 600 gained 0.04%, the FTSE 100 was up 0.06%, the CAC 40 rose 0.66%, and the FTSE MIB 30 increased 0.95%. While the DAX 30 fell 0.79%, the IBEX 35 was down 0.47%.

The German economy's second-quarter growth came at 1.5%, from the previous quarter -- less than the market expectation of 2%. Europe's largest economy, however, saw its gross domestic product (GDP) in April-June up 9.6% year-on-year.

Euro area annual inflation is expected to be 2.2% in July 2021, up from 1.9% in June, according to a flash estimate from Eurostat, the statistical office of the EU.

"Energy is expected to have the highest annual rate in July with 14.1%, compared with 12.6% in June," Eurostat said in a statement.

On a positive note, GDP was up 2% in the euro area and 1.9% in the EU, compared with the previous quarter, both beating market estimates. They jumped 13.7% and 13.2%, respectively, compared with the second quarter of 2020.

Euro area unemployment came at 7.7% last month, down from 8% in May 2021 and from 8% in June 2020, also beating market expectations. The EU unemployment rate was 7.1% in June 2021, down from the 7.3% of the previous month and from 7.3% in June 2020.

source: News Feed
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