NEW YORK, June 13 — European stocks fell for a fifth straight session today, dragged down by economically sensitive stocks, as a sharp rise in US inflation raised concerns about aggressive interest rate hikes by the Federal Reserve.
The pan-European STOXX 600 index fell 1.1 per cent by 0712 GMT, hitting a fresh one-month low.
Asian stocks tumbled more than 2 per cent, also hit by a Covid-19 warning from Beijing. Stock markets took cues from a sharp Wall Street sell-off on Friday after data showed the US CPI surged 8.6 per cent in May, its biggest gain since 1981.
Cyclical sectors such as travel & leisure, automakers and oil & gas led morning losses in Europe on fears about a slowing global economy.
Euro zone banks were down 2.8 per cent on disappointment that the European Central Bank did not reveal any tool to support peripheral bonds at its meeting last week. — Reuters
