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European stock markets close lower following US inflation data

By on December 10, 2021 0

European shares finished unless markets assessed the inflation data in the US and continued to monitor developments surrounding the new variant of the coronavirus Omicron.

The seasonally adjusted US consumer price index climbed 0.8% in November, slightly beating expectations of a 0.7% increase and after gaining 0.9% in October.

The UK FTSE 100 was down 0.4%, while the Stoxx Europe 600 was down 0.3% at the close of the market. France’s CAC 40 was 0.2% lower than the German DAX fell 0.1%. Meanwhile, the Swiss market index closed flat.

The gross domestic product of Great Britain rose 0.1% in October, against 0.6% in September, below the 0.5% consensus growth. The figure is lower than 0.5% in pre-pandemic levels recorded in February 2020, said the Office for National Statistics.

UK industrial production fell 0.6% on a monthly basis in October, following a 0.4% drop in September, the Office for National Statistics said. The latest reading missed growth estimated at 0.1%, with two of the four production sectors recording production declines, led by electricity and gas, and mining and quarrying sectors.

The consumer price index in Germany fell 0.2% on a monthly basis in November, mainly due to the seasonal decline in package holiday prices, according to data released by the national statistical agency Destatis. The current monthly reading was in line with the estimated 0.2% drop.

On the corporate side, Daimler (DAI.F) plunged nearly 14% after shares of Daimler Truck debuted on the Frankfurt Stock Exchange at 28 euros ($ 31.62). The German car giant will change its name to the Mercedes-Benz Group in February 2022.

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