The STOXX 600 recorded a monthly drop of 5.1% for fear of restrictive central bank policies and growing risks of recession, along with energy rationing in the region.
Inflation in the eurozone remains far from the 2% target of the European Central Bank (ECB). The euro zone stock index fell 1% to close to its six-week low. The euro also lost its parity with the dollar.
The Paris Stock Exchange lost 1.37% at the close, while London ended at -1.05% and Milan at -1.22%. Madrid closed the session at -1.10 and Frankfurt at -0.75%.
“This is another very striking figure, showing that consumers were feeling the pain even before Russia tightened its grip on the energy market,” said Susannah Streeter of Hargreaves Lansdown, adding: “These readings will add fuel to the fire. of concerns that ECB policy makers will deliver a big hike in September, despite looming uncertainty in terms of energy security.
In addition, Russia interrupted the supply of gas through the key supply route for Europe, Nord Stream 1, according to the company for maintenance tasks.
Source: Ambito
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