European stocks fall as on inflation, slowdown fears ‎

European shares fell on Friday, amid fears that major central banks will stick to raising interest rates to curb prices, while investors assessed mixed earnings reports that did little to allay fears of an economic slowdown.

According to “Reuters”, a group of inflation reports and data indicating the strength of the labor market in the United States dealt a blow to hopes that the Federal Reserve (the US central bank) and other major central banks will ease their approach to monetary tightening soon.

Concerns increased after the US social networking company Snap announced bleak forecasts for the fourth quarter and sounded the alarm about the damage to advertising from the rampant inflation, raising expectations that Wall Street will record early losses.

Adidas shares fell 8%, after the German company specialized in sports products cut its expectations for the full year, and attributed this to weak demand.

French car manufacturer Renault kept its forecast for the year as a whole unchanged and recorded an increase in quarterly sales. Despite that, the company’s stock fell 2.3%, with management concerned about the supply of raw materials.

The Stoxx index fell 600 by one percent, after recording a rise in volatile trading on Thursday, following the resignation of Liz Truss from the position of Prime Minister in Britain.

All sector indices recorded losses, led by retail shares, which fell 3%.