European shares fell today, extending losses from the previous session, following higher-than-expected inflation data in the United States boosted expectations for another big increase in interest rates from the US Federal Reserve, but gains in oil stocks curbed the declines.
The pan-European Stoxx 600 index ended the trading session down 0.9%. Mining, industrial and consumer goods stocks were among the biggest losers.
Tuesday’s data showed a larger-than-expected increase in US consumer prices in August, which bolstered the argument that the US central bank will decide the third consecutive increase of 75 basis points in interest rates at the conclusion of its meeting next Wednesday.
According to “Archyde.com”, the markets were severely affected by these data, and European stocks failed to benefit from the recovery of Wall Street in today’s session.
The European energy sector bucked the market trend, with its index rising 0.8 percent as oil prices rose following the International Energy Agency said it expected an increase in the switch from gas to crude due to higher prices this winter.
The index of retail stocks also rose 0.8 percent, with Zara brand owner Inditex registering 3.8 percent, following announcing a 24.5 percent jump in six-month sales and an increase in profits on an annual basis.
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