European stocks close lower as commodities tumble; Aegon shares down 5.5%
21 Jun 2021 | SET News
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European stocks close lower as commodities tumble; Aegon shares down 5.5%
European stocks retreated on Friday, as global markets monitor falling commodity prices while continuing to digest a hawkish pivot from the U.S. Federal Reserve.
The pan-European Stoxx 600 provisionally ended 1.6% lower, with all sectors and major bourses in negative territory. Oil and gas stocks and Europe’s banking index were among those to lead losses, closing the session down roughly 3%
On the data front, May’s U.K. retail sales fell 1.4% month on month, official statistics revealed Friday, falling short of the 1.6% expansion expected by economists in a Reuters poll. The Office for National Statistics said food stores contributed most prominently to the surprise decline. The pound tumbled to a new six-week low on the back of the dip.
Meanwhile, the German Producer Price Index (PPI) rose 1.5% month on month in May, vastly outstripping the 0.7% consensus forecast. On an annual basis, the PPI was 7.2% against a projection of 6.4%.
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