Inflation anxiety drives European stocks lower for third day
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FILE PHOTO: The DAX chart of the German stock price index is pictured on the stock exchange in Frankfurt, Germany April 11, 2022. REUTERS/Staff
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April 13 (Reuters) – European stocks fell for a third consecutive session on Wednesday as concern over high inflation and its potential impact on the upcoming earnings season dampened risk appetite.
The pan-European STOXX 600 index (.STOXX) fell 0.2%, with retail (.SXRP) and tech (.SX8P) stocks offsetting gains in miners (.SXPP).
Wall Street reversed early gains to end lower on Tuesday after data showed U.S. consumer prices hit more than four-decade highs in March. The UK’s FTSE 100 (.FTSE) fell 0.1% as UK inflation hit a 30-year high last month. Read more
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Britain’s biggest retailer Tesco (TSCO.L) fell 4.7% after warning its profits were likely to fall in the current year. Read more
French luxury goods maker LVMH (LVMH.PA) rose 1% as strong demand for Louis Vuitton and Dior products boosted sales in the first quarter. Read more
Telecom Italia (TIM) (TLIT.MI) gained 2.9% after French telecommunications group Iliad was interested in bidding on TIM’s domestic consumer services business.
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Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur
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