European shares hit two-month low on inflation fears By Reuters

© Reuters. A screen showing the movement of the German DAX index at the Frankfurt Stock Exchange on September 29, 2021. Photo: Reuters.

(Reuters) – European shares fell to a two-month low on Friday, as warnings from companies and factory activity data highlighted headwinds to the economy from supply chain bottlenecks and rising prices.

The pan-European STOXX 600 index fell 0.4 percent on a weak start to October, which is usually a busy month for stocks, as technology, mining and banking stocks led the widespread losses.

The Stoxx 600 ended the week down 2.2 percent.

Online retailer AO World plunged 24.3%, as it said a shortage of UK delivery drivers and other disruptions in global supply chains weighed on revenue growth in the first half of the year.

Meanwhile, a survey showed that the growth of manufacturing activity in the region remained strong in September, but the activity took a big hit from supply chain bottlenecks that are likely to continue and keep inflationary pressures increasing.

With government bond yields at multi-month highs and inflation fears overshadowing, the benchmark Stoxx 600 index ended September with a loss of 3.4 percent, its worst monthly performance in nearly a year.

(Prepared by Mahmoud Salama for the Arab Newsletter)

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European shares hit twomonth inflation fears Reuters

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