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European stocks face inflation and oil impacts
European stocks declined due to rising oil prices, reflecting concerns about global inflation. The financial markets continued to deteriorate as energy supply expectations declined and tensions between America and Iran persisted. The STOXX 600 index closed the session with a decrease of 0.12%, marking its seventh consecutive loss. Meanwhile, Brent crude surpassed $90 per barrel, leading to a 0.9% rise in energy stocks. Conversely, shares in the travel and entertainment sectors fell by 0.7%, and the French CAC 40 index declined by 0.6% due to declines in luxury goods stocks. Data from Germany showed producer prices rising at the fastest pace in four years, driven by energy costs. Support for the bond market was boosted by U.S. Treasury measures, but shares of major companies like Kering and LVMH experienced turbulence. On the other hand, Novartis recorded strong growth thanks to solid quarterly results.
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