European stocks held back by inflation worries

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FILE PHOTO: The German stock price index DAX graph is pictured on the stock exchange in Frankfurt, Germany on November 10, 2021. Businesshala / Employee
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(Businesshala) – European stocks fell on Thursday after data showing a spike in US inflation raised bets on a hike in interest rates and offset some optimism about property developer China Evergrande and corporate earnings.

The pan-European STOXX 600 fell 0.1% as of 0819 GMT after US consumer prices rose at the fastest pace since 1990, which could force the Federal Reserve to tighten policy sharply.

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However, China-exposed sectors including miners as well as construction and materials rose more than 1%, as troubled developer Evergrande averted a volatile last-minute default for the third time in the past month.

Swiss chemical company Sika jumped 10.8% after agreeing to buy construction chemicals maker MBCC in a $6 billion deal.

Luxembourg-based ArcelorMittal gained 2.5% after reporting its strongest quarter in more than a decade.

Retail stocks were among the biggest drugs weighed in by British discount retailer B&M, which dropped 4.9% after falling first-half core earnings.

Reporting by Anisha Sarkar in Bengaluru; Editing by Anil D’Silva

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