European stocks slide 1%, as risk appetite affected by debt ‎ceiling crisis

European stock markets pressured by a new wave of selling today, Wednesday, with the lack of progress in the US debt ceiling negotiations and a significant increase in the core inflation rate in Britain, in addition to more losses in luxury stocks, which hurt risk appetite.

By 0718 GMT, the Stoxx 600 index of European shares fell 1.1 percent, retreating to its lowest level in about three weeks, with the decline of all stock markets in the region.

According to “Reuters”, real estate stocks fell in most parts of Europe, and the sector index fell 2.5 percent, and shares of British construction companies were among the lowest, after data showed that an indicator measuring price growth in Britain rose to the highest level in 31 years in April which reinforces bets that the Bank of England will decide to implement more rate hikes

The luxury goods index fell 1.7 percent to its lowest level in more than six weeks, as the selling wave that began on Tuesday showed no signs of abating.

Swedish video game empresser shares plunged 38.2 percent to an all-time low after the company announced that an important strategic partnership would not take place and lowered its full-year forecast before tax and interest cuts.