LIVE MARKETS-90% of the STOXX in the red
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90% OF THE STOXX IN THE RED
Concern over the impact of surging energy prices on economic growth and inflation intensified on Thursday after a major escalation in the Middle East conflict, battering Asian markets and pulling Europe into a sharply weaker open.
As Brent crude prices jumped by more than $6 a barrel, the selloff across regional equities was broad-based, with investors making few distinctions across sectors and largely overlooking company-specific news.
In early trading, around 90% of STOXX 600 .STOXX constituents — and all subsectors — were in negative territory.
Basic resources .SXPP, construction .SXOP, autos .SXAP and travel .SXTP led the declines, down between 2% and 4%, while oil and gas .SXEP outperformed but still slipped around 0.1%.
The region-wide index was down 1.7% in early deals. If losses hold, it would mark the STOXX 600’s lowest closing level since late December. Attention later in the session turns to policy decisions from the European Central Bank and the Bank of England.
(Danilo Masoni)
EARLIER ON LIVE MARKETS:
BEFORE THE BELL: EUROPEAN FUTURES TUMBLE AS ECB, BOE LOOM CLICK HERE
CENTRAL BANKERS SOUND INFLATION ALARM CLICK HERE
