European Stock Markets Slump Friday as Consumer Confidence Declines, Wall Street Sell-Off Extends

Last Updated: Friday, January 21, 2022 12:50 PM | MT Newswires

European stock markets closed sharply lower Friday amid Wall Street's deepening slump.

Germany's DAX fell 1.9% while France's CAC 40 and the Stoxx Europe 600 lost about 1.8% apiece. The Swiss Market Index dropped 1.6% and the FTSE 100 Index in UK was down 1.2%.

The UK's consumer confidence index declined to -19 in January from -15 in December, the Growth from Knowledge research group said.

Confidence waned amid concerns over personal finances and the general economic situation as consumers prepare for surging inflation, rising energy bills and the likelihood of interest rate increases, according to the survey.

The UK's core retail sales excluding automotive fuel fell 3.6% in December, following a 1.1% rise in November, the Office for National Statistics said. The decline was larger than the expected 0.5% decrease.

The euro area flash consumer confidence indicator for January slipped to -8.5 from -8.3 in December, the European Commission said. Forecasters expected a decline to -9.

Siemens Energy (ENR.F) shares sank more than 14% as the company lowered its outlook for 2022 after its Siemens Gamesa Renewable Energy (SGRE.MC) unit cut its own full-year targets, citing protracted supply problems. The German energy group now forecasts an adjusted EBITA margin before special items of 2% to 4%, down from the prior 3% to 5% estimate.

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