European stocks closed sharply lower on Tuesday, tracking a broad selloff in global equities amid the rise in long-term borrowing costs, while markets parsed the latest inflation data. The annual inflation rate in the Eurozone inched higher to 2.1%, while the core rate refrained from dropping for a third month to stoke lingering concerns of stubborn services inflation.
The data coincided with a fresh record in European bond issuance in one session amid major sales in the UK and Italy, adding strain to long-dated securities. The tight credit conditions pressured the heavyweight banking sector, with UniCredit, Santander, and Intesa Sanpaolo dropping more than 1.5%.
Tech also sold sharply, tracking losses in the US amid heightened concerns of overvaluation in artificial intelligence-related companies. ASML sank 3% while Infineon dropped 4.5%.
In contrast, Ferrari jumped 2.3% and Schneider Electric added 0.4% after both companies received upgrades from Deutsche Bank.
Source : Trading Economics
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