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European shares drop on inflation risk concerns; Lagarde speech eyed

Published 22/02/2021, 09:24
Updated 22/02/2021, 09:30
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Feb 22 (Reuters) - European shares fell on Monday as
concerns over the risk of higher inflation due to a jump in
commodity prices tempered optimism around a vaccine-led economic
recovery.
The pan-European STOXX 600 index .STOXX was down 0.7% by
0810 GMT, led by declines in technology companies .SX8P and
food and beverage .SX3P stocks.
Germany's benchmark stock index .GDAXI dropped the most
among its European peers, down 1.1%.
Europe will decide whether to extend the suspension of its
rules limiting budget deficits and debt, known as the Stability
and Growth Pact (SGP), in coming weeks, the Commissioner for
Economy Paolo Gentiloni said. Britain's FTSE 100 dropped 0.4%, as Prime Minister Boris
Johnson plots a path out of COVID-19 lockdowns in an effort to
gradually reopen the battered economy. All eyes will be on European Central Bank President
Christine Lagarde's speech on stability, economic co-ordination
and governance in the EU later in the day.
In company news, French car parts maker Faurecia EPED.PA
lost 1.5% even after it targeted its sales close to 25 billion
euros ($30.29 billion) and an operating margin above 8% of sales
by 2025.

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