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European stocks skid on inflation angst as oil jumps By Reuters

by Mike Robinson

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(Reuters) – European stock markets fell more than 1% Wednesday due to concerns about higher inflation and a rise in oil prices. Investors shifted out of tech stocks that are high growth into bank shares.

The pan-European index lost 1.2% on Tuesday after a rally in the late session. Tech sector was down over 2%

Although banks saw a 0.1% drop in interest rates, these were still the least affected by rising bond yields and high oil prices. [GVD/EUR] [O/R]

The UK’s HSBC (DE:), and Germany’s Commerzbank (+) both saw an increase of more than 1%.

Deutsche Telekom (OTC 🙂 plunged 4.1% in the wake of Goldman Sachs’ (NYSE:) sale of shares valued at 1.58 Billion Euros ($1.83B) as part of a SoftBank structured finance transaction.

Bayer AG After the German Pharmaceutical and Agricultural Company won their first trial, which involved allegations that Roundup’s weedkiller caused cancer, (DE:) increased 0.7%

Tesco (OTC) rose 4.5% after Britain’s largest retailer increased its full-year outlook. It also launched a 500 million-pound share purchaseback program.

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