European shares record their worst weekly performance in two months

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Friday, May 06, 2022 - 17:53
Point Trader Group
European shares record their worst weekly performance in two months

European markets fell on Friday, tracking global caution after Wall Street posted its worst Thursday session since 2020.

The pan-European Stoxx 600 Index is down 1.6% at the close, with retail stocks down 2%, all major sectors and stock exchanges closing in negative territory, while the oil and gas sector is up 0.7%.

European Central Bank member and Bank of Finland Governor Olli Rehn told CNBC Friday that the market turmoil can be attributed to widespread uncertainty casting a shadow over the economic outlook.

"In Europe, we are facing this especially because of the over-reliance of energy on Russian fossil fuels," Rehn added.

Rehn called for a 25 basis point rate hike at the next ECB policy meeting in order to prevent inflation expectations from becoming "entrenched".

In a related development, the shares of the pharmaceutical ingredients company EUROAPI jumped by more than 8% in its first appearance in the stock market.

Spanish drugmaker Grifols added more than 9% after reporting an improvement in its EBIT margin in the first quarter.


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