European shares hit two-month low on inflation fears | latest news

European shares slumped to two-month lows on Friday, October 1st, as company warnings 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% on a weak start to the first day of October, which is usually a big month for stocks, as technology, mining and banking stocks led the widespread losses.

The index ended the week down 2.2%.

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

Meanwhile, a survey showed that the growth of manufacturing activity in the euro zone 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 soaring to multi-month highs and inflation concerns overshadowing, the STOXX 600 index ended September with a loss of 3.4% in its worst monthly performance in nearly a year.

Source

European shares hit twomonth inflation fears latest news

 
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