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European Shares Tumble On Inflation Worries

us pre market 053119 11may21 lt

European stocks tumbled on Tuesday as inflation worries returned to the fore, with speculation growing that rising inflation and positive data might force the Federal Reserve to wind back monetary policy support sooner than expected.

The pan European Stoxx 600 fell 1.8 percent to 437.33 despite the German and the Eurozone ZEW Economic Sentiment numbers coming in above estimates.

The German DAX lost 1.9 percent, France's CAC 40 index shed 1.8 percent and the U.K.'s FTSE 100 was down over 2 percent.

Sweden's Evolution Gaming Group plunged 9 percent after the bookrunner announced the pricing of block trades.

German luxury fashion brand Hugo Boss AG fell 1.6 percent. The company said it expects a significant increase in Group sales and EBIT for full year 2021.

Consumer electronics retailer Ceconomy AG slumped 13 percent after its adjusted EBIT loss widened.

Conglomerate ThyssenKrupp lost 7 percent despite raising its full-year outlook for the second time in three months.

Software firm TeamViewer gave up 5.2 percent after it announced the establishment of a new software development hub as well as a Mixed Reality (MR) competence centre through acquisitions in Europe.

Capgemini lost 3.5 percent. The French IT major announced signing of a five-year contract with Airbus to support the redesign of its global collaborative workplace, both in terms of working methods and tools. Shares of the latter were down more than 3 percent.

Miners Anglo American, Antofagasta and Glencore dropped 1-2 percent in London after data showed China's factory-gate prices surged more than expected in April, adding to global inflation concerns.

British Airways-owner IAG slumped 5.4 percent after announcing a convertible bond offering plan worth 800 million euros.

NatWest Group declined 2.3 percent after the government sold another tranche of shares in the banking giant.

E-commerce group THG soared 12.5 percent on news it is raising more than $1 billion in equity for future deals.

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