Economy 1 MIN READ

European markets slide after US inflation data

September 13, 2022By Reuters

European shares and the euro slid on Tuesday, and European bond yields jumped, after data showed monthly U.S consumer prices unexpectedly rose in August.

The consumer price index gained 0.1% last month after being unchanged in July, the Labor Department said on Tuesday. Economists polled by Reuters had forecast the CPI dipping 0.1%.

European stocks turned sharply lower, pushing the pan-regional STOXX 600 equity benchmark into negative territory. The index was down 0.3% by 1246 GMT, having risen as much as 0.6% before the data.

The dollar index, which tracks the greenback against six peers, rallied 0.7% to 109.0, heading back towards last week’s two-decade peak of 110.79, as the euro, pound GBP=D3 and yen all declined.

German borrowing costs extended their rise with the 10-year Bund yield up 6 bps to 1.7%.

(Reporting by London Markets Team; Editing by Tommy Reggiori Wilkes)

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