European stocks hit near 1-week low on global worries

div classBodysc17zpet90 cdBBJodivpReuters – European shares on Tuesday fell to their lowest in nearly a week on growing worries about rising inflation, a surge in coronavirus infections in China and the fallout of the prolonged war in Ukraine. p

pThe panEuropean STOXX 600 index fell 1.1 by 0713 GMT, echoing weakness in Asian shares, with banks among the worst hit. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pGermanys top lenders Deutsche Bank and Commerzbank slumped nearly 8 after an undisclosed investor sold stakes of more than 5, a bookrunner said.p

pChinaexposed luxury stocks such as LVMH, Kering and Hermes dropped in the range of 1 and 2 as China faced its worst COVID19 outbreak in two years. p

pRisk appetite was further dented as U.S. yields continued to surge ahead of inflation data that is expected to show consumer prices gained the most in four decades.p

pAmong individual stocks, Italian defence group Leonardo rose 3.1 as Deutsche Bank upgraded the stock to “buy” on expectations of higher defence spending in the companys main markets.p