On Tuesday, German shares pulled European stocks lower after a hot inflation reading triggered concerns about the pace of monetary tightening from central banks.
The MDAX performance index declined 0.27% or 80.18 points to the 30,107.84 level. Likewise, the benchmark DAX 40 lowered 0.49% or 71.55 points to the 14,504.43 level.
Subsequently, chemicals company Merck Group slumped 2.17% or 4.19 points to $188.98 per share. Then, Delivery Hero, an online food-delivery service, plummeted 2.11% or 0.85 points to $39.36 per share.
Moreover, Symrise, a major producer of flavors and fragrances, sank 2.16% or 2.47 points to $111.70 per share.
Correspondingly, German shares sent the region-wide STOXX 600 index to a decline. The benchmark edged down 0.09% or 0.41 points to the 446.16 level.
Berlin’s inflation rate soared to 7.90% year-over-year in May, surpassing the analysts’ consensus of 7.60%. The latest result also expanded from the previous 7.40% upturn, marking the highest level since 1973.
Accordingly, the main upward pressure came from the sky-tall prices of energy products which increased considerably since the war started in Ukraine.
Similarly, the Eurozone annual consumer price index skyrocketed 8.10% this month, well above the anticipated 7.70%. At the same time, the record outstripped 7.40% in April.
British stocks outperform German shares
Meanwhile, British stocks outperformed German shares in the current trading session.
The FTSE 100 edged up 0.32% or 24.62 points to the 7,624.68 level. The benchmark received support from the upsurge of Unilever after naming activist investor Nelson Peltz to its board. The consumer goods giant hiked 6.82% or 300.87 points to $3,734.00 per share.
In addition, a rally in energy stocks boosted the index and capped losses in the broader STOXX. The crude prices advanced nearly 2.00% after the European Union reduced Russian oil imports.
However, French stocks followed the downturn of German shares. The CAC index declined 0.66% or 43.58 points to the 6,518.81 level.