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Monday, January 17, 2022

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    European shares close lower as fears of monetary tightening grow

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    Tightening monetary conditions will put an end to liquidity measures implemented in the pandemic (Image: Reuters/Hannah McKay)

    As actions european fell this Friday after “hawkish” comments (harder against the inflation) of central bank authorities fueling concerns about the impact of tighter monetary policy, while EDF, from France, plummeted after government intervention to lower electricity prices.

    The pan-European STOXX 600 index closed down 1.01% at 481.16 points, marking its worst week since late November.

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    the president of European Central Bank (ECB), Christine Lagarde, said the bank is ready to take whatever steps are necessary to bring inflation to its 2% target, which has raised the stakes on a rate hike this year.

    ECB Vice President Luis de Guindos also warned that escalating inflation in the euro area is not as transient as previously thought.

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    Tightening monetary conditions will put an end to the liquidity measures implemented in the pandemic, which flooded the money market and sent stocks to record highs throughout 2021.

    French energy group EDF plunged 14.6% and was the worst performer among stocks listed on the STOXX 600 after France ordered the state-owned company to sell more of its cheap nuclear power to smaller competitors to limit price rises. of electricity in the country.

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    Nearly all sectors and regional stock indices were in the red on Friday.

    The retailer was the worst performer of the day, while oil shares were the only ones to make gains.

    In London, the Financial Times index fell 0.28% to 7,542.95 points.

    In Frankfurt, the DAX index fell 0.93% to 15,883.24 points.

    In Paris, the CAC-40 index lost 0.81%, at 7,143.00 points.

    In Milan, the Ftse/Mib index had a devaluation of 1.08%, to 27,543.96 points.

    In Madrid, the Ibex-35 index registered a drop of 0.12%, at 8,806.60 points.

    In Lisbon, the PSI20 index fell by 1.21%, to 5,636.79 points.

    Source From: Moneytimes

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