European Stocks Close with Huge Losses

European stock markets declined on Wednesday, amid continuous concerns about the rising inflation rates and uncertainty surrounding the future of monetary policies and interest rates.

The pan-European STOXX 600 index plunged by 1.5%, as the basic resources stocks led the decline and dropped by 4.1%.

The French CAC40 index declined by 1.43%, while the German benchmark index DAX fell by 1.77%.

Meanwhile, the FTSE100 fell by 1.19%, after data showed that the inflation rate in the United Kingdom (UK) rose by 1.5% in April, according to the British Office for National Statistics.