European Equities Drop in Tuesday Trading; Euro Area Inflation Rises to 2.1%
The European stock markets closed lower in Tuesday trading as the Stoxx Europe 600 shed 1.47%, Germany's DAX tumbled 2.21%, the FTSE 100 fell 0.87%, France's CAC lost 0.70%, and the Swiss Market Index was down 0.72%.
Euro area annual inflation was an estimated 2.1% in August, up from 2.0% in July, while monthly inflation was an estimated 0.2%, according to a flash estimate from Eurostat, the statistical office of the European Union.
The highest annual inflation rates were in Estonia (6.2%), Croatia (4.6%), and Slovakia (4.4%), while the lowest inflation was in Cyprus (-0.1%), followed by France (0.8%), Italy (1.7%), and Ireland (1.8%).
Eurostat said the main contributors to the inflation rate were likely to be rising food, alcohol, and tobacco prices, which was an estimated 3.2% in August, down from 3.3% in July. Services also contributed to the inflation at 3.1%, compared with 3.2% in July.
And in corporate news, the European Union paused its plan to fine Alphabet's Google on Sept. 1 for allegedly abusing its dominant position in advertising technology due to fears that US President Donald Trump will retaliate by derailing the bloc's trade deal with the US, Bloomberg reported Tuesday, citing people familiar with the matter.
Source : MT Newswires
