Worst 1st Half for European Stocks Since 2008.
London, Thursday, 30 June 2022
On the final trading day of June, European markets finished substantially lower. Frankfurt's DAX lost 1.7 percent, closing at its lowest level since November 2020, while the Stoxx 600 lost 1.6 percent, with all sectors closing in the red.
Concerns about central banks driving their economies into recession while trying to reduce historically high inflation, as well as the ongoing conflict in Ukraine continuing to disrupt commodity shipments, continued to feed the selloff in equities.
As a result of Gazprom gas supply limits, Uniper, a German energy business, retracted its financial prognosis for 2022, causing a 14.4% decline in share price.
Year-to-date, the DAX fell 19.5 percent and the Stoxx 600 fell 16.6 percent; it was the worst first semester since the Great Recession of 2008, and it was the worst quarter since the pandemic outbreak in early 2020, with both indices losing about 9 percent.
(Source: Trading Economics Edited by: The Decision Maker – Finance editors)