European stocks opened lower on Friday amid worries that aggressive central bank tightening and uncertainty surrounding the war in Ukraine and Covid-19 lockdowns in China will dent economic growth.
German industrial output slumped 3.9 percent month-on-month in March, much bigger than the economists’ forecast of -1.0 percent and reversing February’s revised 0.1 percent rise, Destatis reported earlier in the day.
Year-on-year, industrial production logged a decline of 3.5 percent after rising 3.1 percent in February.
The pan-European Stoxx Europe 600 fell 1.2 percent to 433.19 while the German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were down between 0.8 percent and 1.2 percent.
British Airways-owner IAG plunged 8.5 percent after posting another substantial operating loss.
German sportswear firm Adidas lost 5.4 percent after a warning that its operating profit this year would be lower than previously expected.
Dutch bank ING declined 1.6 percent after its earnings were hit by hefty provisions at its wholesale banking division.
European Shares Decline On Growth Concerns
2022-05-06 09:19:40
