Europe: Shares plunge after trio of hikes

EUROPEAN equity markets tumbled on Thursday (Jun 16) as a trio of rate hikes from the Fed, SNB and BoE stoked fears of a global recession.

The pan-European Stoxx 600 ended the day down 2.3 per cent and is now more than 18 per cent from its January all-time high.

France's CAC 40 finished lower by 2.4 per cent and closed more than 20 per cent from its all-time high, confirming it's in a bear market.

Germany's DAX closed down 3.3 per cent, while Britain's FTSE 100 ended the day lower by 3.1 per cent.

Switzerland's SMI tumbled 2.9 per cent after the SNB's shock move. It's now down over 19 per cent from its January closing high.

All of Europe's sectors finished in the red, with the tech sector lagging, followed by chemicals and retail .

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"You have a big inflation issue, yet the world is slowing down rapidly," said James Rutherford, Head of European Equities at Federated Hermes Limited. "And in the face of that, you're raising rates. The combination is particularly nasty." REUTERS