European stock markets slumpby Darn B. darnb
European stock markets tumbled into the red on Friday as eurozone inflation rocketed to its highest level since July 2008.
Inflation in the bloc soared past analysts’ expectations to 4.1% this month, up from 3.4% in September according to Eurostat data. This was also well ahead of forecasts of 3.7%.
It was driven by rising energy costs, tax increases, and growing price pressures as a result of the ongoing supply chain crisis.
It came as the eurozone economy grew at its fastest pace in a year between July and September, as COVID-19 restrictions were eased across the region.
According to Eurostat, eurozone GDP increased by 2.2% quarter-on-quarter, representing a 3.7% year-on-year increase. Standout performers were Austria and France, with the latter delivering a surprise 3% growth in the third quarter, and beating expectations due to a rise in consumer spending and exports.
Created on Oct 29th 2021 09:36. Viewed 96 times.