European markets close lower, mining stocks fall 5%

Wednesday, June 22, 2022 - 20:39
Point Trader Group
European markets close lower, mining stocks fall 5%

European shares closed lower on Wednesday, erasing the gains they made in previous sessions as global uncertainty persisted.

The pan-European Stoxx 600 index temporarily ended 0.7%, with the basic resources sector slipping 5% to lead losses as most major sectors and stock exchanges closed in negative territory.

In terms of individual stock price action in Europe, Voestalpine shares fell about 13% after JPMorgan reduced shares of the Austrian steel and technology company from overbought to underweight.

Towards the top of the index, British retailer JD Sports rose by 6% after announcing that its annual profit more than doubled.

The decline in trade in Europe came as global market sentiment turned more negative amid fears of rising inflation and slowing economic growth.

On the economic data front in Europe, UK inflation hit a 40-year high of 9.1% y/y in May, as rising food and energy prices continued to deepen the country's cost-of-living crisis.

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