Europe: Stocks skid on inflation angst as oil jumps
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[BENGALURU] European stocks tumbled more than 1 per cent on Wednesday as a surge in oil prices intensified concerns over higher inflation, while investors moved out of high-growth tech stocks into banking shares.
After a late-session rally on Tuesday, the pan-European Stoxx 600 index fell 1.2 per cent, with the tech sector down more than 2 per cent.
Banks slipped 0.1 per cent, but were the smallest decliners on prospects of higher interest rates, as bond yields climbed and oil prices hit multi-year highs.
UK's HSBC and Germany's Commerzbank were up more than 1 per cent each.
Deutsche Telekom fell 4.1 per cent after Goldman Sachs sold shares worth 1.58 billion euros (S$2.49 billion) in a SoftBank structured finance deal.
Bayer rose 0.7 per cent after the German agricultural and pharmaceuticals firm won its first trial over claims its Roundup weedkiller causes cancer.
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Tesco jumped 4.5 per cent as Britain's biggest retailer raised its full-year outlook and launched a £500 million share buyback programme.
REUTERS
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