Thu Jun 30 2022 - 18:29
The pan-European Stoxx 600 index closed 1.6 per cent lower, bringing its total decline for the second quarter of the year to 10.7 per cent.The Iseq index lost 0.9 per cent on Thursday, with banks out of sorts as investors looked beyond the expected earnings benefit from imminent European Central Bank rate rises to combat inflation, and fretted instead about the outlook for the European economy.Oil stocks were also in focus, withrising 6 per cent to 3.
“The Ftse 100 has very little to do with the UK economy itself, so the local recession is less impactful,” said Azad Zangana, a senior European economist and strategist at Schroders.
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