NEW YORK, April 12 – European stocks today fell to their lowest level in nearly a week on growing concerns about rising inflation, a spike in coronavirus infections in China and the fallout from the protracted war in Ukraine.
The pan-European STOXX 600 index fell 1.1% at 07:13 GMT, echoing weakness in Asian stocks, with banks among the hardest hit.
Major German lenders Deutsche Bank and Commerzbank fell nearly 8% after an undisclosed investor sold stakes of more than 5%, a bookrunner said.
Luxury stocks exposed to China such as LVMH, Kering and Hermes fell 1% to 2% as China faced its worst Covid-19 outbreak in two years.
Risk appetite was further shaken as US yields continued to climb ahead of inflation data which is expected to show consumer prices rose the most in four decades.
Among individual stocks, Italian defense group Leonardo rose 3.1% as Deutsche Bank upgraded the stock to “buy” in anticipation of increased defense spending in major EU markets. business. —Reuters