LONDON — European stocks fell further on Friday as investors digested the European Central Bank‘s latest policy meeting and looked ahead to a key U.S. inflation print.
The pan-European Stoxx 600 dropped 1.3% in early trade, with banks shedding 2% to lead losses as all sectors and major bourses slid into negative territory.
In terms of individual share price movement, Credit Suisse fell 4.3% after State Street dismissed rumors that it is considering a takeover of the embattled Swiss lender.
Just Eat Takeaway climbed more than 7% after Bloomberg News reported that private equity firm Apollo was interested in acquiring its U.S. unit GrubHub.
The ECB on Thursday confirmed its intention to hike interest rates by 25 basis points at its July meeting, with a further hike expected in September, the scale of which will be determined by the medium-term inflation outlook.
The central bank also raised its inflation expectations for the euro zone significantly and downgraded its growth forecasts.
European stocks fell sharply on Thursday in the hours after the decision and ECB President Christine Lagarde’s press conference, and continued to slide on Friday morning.
Global investors are also looking ahead to May’s consumer price index reading out of the U.S., due at 1:30 p.m. London time, which economists expect to slow slightly from the May print.
If the report matches expectations, or shows slower increases in consumer prices, Wall Street could deduce that inflation has peaked and that the
