European markets closed lower on Wednesday as traders reacted to economic data out of the U.K. and China.
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The pan-European Stoxx 600 provisionally ended Wednesday’s session down 0.7%, with utilities shares dropping 2.7% to lead the losses as most sectors and major bourses dipped into the red.
U.K. inflation soared to a nine-year high in August, with consumer prices rising 3.2% year-on-year after a 2% annual rise in July, according to the Office for National Statistics. The 1.2 percentage point incline was the sharpest since records began in 1997.
Elsewhere, the Institute of International Finance (IIF) revealed on Tuesday that global debt soared to a record $300 trillion in the second quarter. However, debt-to-GDP declined for the first time since the onset of the Covid-19 pandemic as growth recovered.
European investors also have on eye on the upcoming German federal election on September 26, with polls suggesting the race is still too close to call as voters try to decide a successor to Chancellor Angela Merkel.
Reference: CNBC
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