European stocks close lower as inflation soars to new record

European stocks close lower as inflation soars to new record

Euro area annual inflation expected at 9.1% in August, up from 8.9% in July, according to flash estimate by Eurostat

By Ovunc Kutlu

ANKARA (AA) - European stock markets closed lower on Wednesday as annual inflation in the euro area jumped to a new record high level.

Euro area annual inflation is expected to be 9.1% in August, up from 8.9% in July, according to an earlier flash estimate from Eurostat.

Energy is expected to have the highest annual gain in August with 38.3%, compared with 39.6% in July, the EU statistical office EU said in a statement.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was down 4.69 points, or 1.12%, to finish at 415.12.

The UK's FTSE 100 fell 77 points, or 1.05%, to finish at 7,284. Germany's DAX 30 declined 126 points, or 0.97%, to close at 12,834.

France's CAC 40 was the worst performer of the day, losing 85 points, or 1.37%, to end at 6,125.

Italy's FTSE MIB was down 265 points, or 1.22%, to 21,559. Spain's IBEX 35 fell 93 points, or 1.17%, to 7,886 at the closing bell.

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