European Stocks Sharply Lower On US Inflation Data

European stocks fell on Tuesday as hotter-than-expected US inflation data raised fears about aggressive interest rate hike by the Fed at its upcoming policy meeting, and triggered widespread selling in several sectors while disappointing data from the U.K., Germany and Switzerland also weighed on sentiment.

The pan European Stoxx 600 fell 1.55%. The U.K.’s FTSE 100 drifted down 1.17%, Germany’s DAX dropped 1.59% and France’s CAC 40 ended 1.39% down, while Switzerland’s SMI slid 0.9%.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Ireland, Netherlands, Poland, Portugal, Spain, Sweden and Turkiye ended sharply lower. Iceland, Norway and Russia posted moderate losses, while Czech Republic closed higher.

In the UK market, Ocado Group shares plunged 14.6% after Ocado Retail, a joint venture between Ocado Group and Marks & Spencer Group, flagged a dip in full-year sales. Marks & Spencer shares fell 3.8%.

Scottish Mortgage, IAG, Segro, Melrose Industries, Persimmon, Next, Auto Trader Group, Barratt Developments, Kingfisher, ICP, ABRDN and Tesco drifted down 3 to 5%.