12 Apr 2022
European Stocks Plunge to 1-Week Low due to International Concerns
The Index Today
On Tuesday, European stocks plummeted to their lowest levels in a week, spurred by investor concerns over mounting inflation, the Ukraine-Russia crisis, and the resurgence of COVID-19 in China.
According to Reuters, the pan-European STOXX 600 index dropped by 1.1% by 0713 GMT, with banks leading losses. As per sources, Germany’s Commerzbank and Deutsche Bank sank by 8% each following the sale of over 5% of stakes by a private investor.
Stocks of luxury brands LVMH, Hermes, and Kering dropped by 1% to 2%, as China battles its worst outbreak since the onset of the COVID-19 pandemic in March, 2020. Investor risk appetite continues to wane as rising U.S. Treasury yields spell 40-year high consumer prices.