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European stocks held back by inflation worries -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The graph of the German share price index DAX is pictured at Frankfurt Stock Exchange, Germany. It was taken November 10, 2021. REUTERS/Staff

(Reuters) – European stocks dropped on Thursday following data that showed a sharp rise in U.S. inflation. These bets encouraged by interest rate increases and offset optimism surrounding China Evergrande property developer and a slew corporate earnings.

After U.S. consumer price increases at an unprecedented pace since 1990, the pan-European dropped 0.1% by 0819 GMT. This could force the Federal Reserve to tighten its policy faster.

China-exposed industries, such as mining and construction, saw more than 1% increase as Evergrande, the troubled developer, avoided a default that could have destabilizing consequences for the third month in a row.

Sika, a Swiss chemical company, saw 10.8% increase after it agreed to purchase MBCC construction chemicals manufacturer in a $6-billion deal.

After reporting their strongest quarter for more than 10 years, ArcelorMittal (NYSE 🙂 in Luxembourg gained 2.5%

Retail stocks were among the biggest drags, weighed down by British discount retailer B&M, which dropped 4.9% after posting lower first-half core earnings.

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