European stocks slump after Wall St rout on rate hike worries

Reuters – European stocks slumped on Thursday, echoing sharp losses on Wall Street overnight, after U.S. inflation data fuelled concerns about the impact of bigger interest rate hikes on economic growth.

The continentwide STOXX 600 index slid 2.2 by 0710 GMT, reversing much of the midweek gains. Technology and mining stocks were among the top decliners on the index, with all the sectors trading in the red.

U.S. techheavy index Nasdaq tumbled over 3 on Wednesday, taking yeartodate losses to 27, after data showed U.S. consumer prices moderated in April but increased more than economists expectations.

Meanwhile, UKs FTSE 100 fell 2.1 as data showed Britains economy shrank by 0.1 in March.

Commerzbank fell 2.4 despite confirming its fullyear net profit target of more than 1 billion euros.

FrancoItalian chipmaker STMicroelectronics slipped 0.8 even as it forecast more than 20 billion in annual sales by 2027 at the latest.

French video game group Ubisoft dropped 3.7 after forecasting lower operating profit for 202223.