European stocks close lower with BoE rate hike, consumer confidence at record low

European stocks close lower with BoE rate hike, consumer confidence at record low

Consumer confidence indicator falls to minus 29.9 in EU, minus 28.8 points in euro area

By Ovunc Kutlu

ANKARA (AA) - European stocks closed lower Thursday with the Bank of England's (BoE) rate hike and consumer confidence diving to its lowest levels on record.

The BoE raised its base rate by 50 basis points to 2.25% from 1.75% -- the seventh consecutive hike by the central bank, but lower than an estimate of 75 basis points.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was down 7.29 points, or 1.79%, to close at 399.76.

The UK’s FTSE 100 fell almost 78 points, or 1.08%, to finish the session at 7,159. Germany’s DAX 30 lost 235 points, or 1.84%, to 12,531.

France’s CAC 40 was the worst performer of the day by plummeting 112 points, or 1.87%, to 5,918 at the closing bell.

Italy’s FTSE MIB was off 236 points, or 1.07%, to 21,799. Spain’s IBEX 35 fell 97 points, or 1.24%, to close at 7,774.

The European Commission announced earlier its flash estimate of the consumer confidence indicator, which dove 3.5 points in the EU and 3.8 points in the euro area to minus 29.9 and minus 28.8 points, respectively -- their lowest levels on record.

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