(RTTNews) – The major European markets finished firmly under water on Tuesday after Eurostat data showed Eurozone inflation rose to 2.1 percent last month, climbing above the European Central Bank’s 2 percent target for the first time since April driven by higher prices for food, alcohol and tobacco.
The euro was little changed amid bets the ECB will likely keep interest rates on hold at its September 11 meeting.
The FTSE in London slumped 79.65 points or 087 percent to finish at 9,116.69, while Germany’s DAX plummeted550.00 points or 2.29 percent to close at 23,487.33 and the CAC 40 in France lost 53.65 points or 0.70 percent to end at 7,654.25.
In London, SSE plunged 3.70 percent, while Auto Trader Group stumbled 3.65 percent, Schroeders tanked 3.63 percent, St. James Place skidded 3.59 percent, Rightmove dropped 3.28 percent, Rolls-Royce sank 2.82 percent, Prudential retreated 1.67 percent, British American Tobacco declined 1.59 percent and Haleon gained 0.69 percent.
In Germany, Vonovia plummeted 6.06 percent, while Siemens Energy tumbled 5.82 percent, Fresenius Medical slumped 5.31 percent, Daimler Truck lost 3.77 percent, Deutsche Post dropped 2.49 percent, Deutsche Borse slipped 1.97 percent, Deutsche Bank fell 1.70 percent, Volkswagen was down 1.48 percent and Deutsche Telekom dipped 0.29 percent.
In France, Kering surged 3.83 percent, while Atos plunged 3.31 percent, Compagnie de Saint-Gobain dropped 2.63 percent, Danone advanced 2.55 percent, Vinci retreated 2.08 percent, BNP Paribas sank 1.44 percent, Societe Generale shed 1.32 percent and Carrefour slid 0.45 percent.
In economic news, Spain’s unemployment increased more than expected in August but the overall level was the lowest for the month since 2007, data from the labor ministry revealed on Tuesday. The number of unemployed increased 21,905 from the previous month in August, while figures were expected to rise moderately by 14,200.
Hungary’s economy expanded marginally as initially estimated in the second quarter, data from the Hungarian Central Statistical Office showed on Tuesday. On an unadjusted basis, gross domestic product rose 0.1 percent in the first quarter from last year, after stagnation in the first quarter. That was in line with the flash data published on July 30.
Austria’s consumer price inflation increased in August to the highest level in nearly one-and-a-half years, a flash estimate from Statistics Austria showed on Tuesday. The consumer price index climbed 4.1 percent year-over-year in August, faster than the 3.6 percent increase in July. This was the highest inflation rate since March 2024.
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