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European stocks retreat on weaker commodities, inflation fears

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The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 21, 2022. REUTERS/Staff

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June 22 (Reuters) – European stocks looked set to break a recent rally on Wednesday as a fall in oil and metal prices knocked commodity-related stocks lower, while surging UK inflation revived fears about slowing global growth.

By 0718 GMT, the pan-European STOXX 600 (.STOXX) had fallen 1.5% to hit a fresh low since February 2021, resuming a selloff that hammered global stocks last week.

Oil & gas stocks (.SXEP) tumbled 2.9%, mirroring a more than $6-a-barrel slump in crude prices, amid a push by U.S. President Joe Biden to bring down soaring fuel costs. read more

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Miners (.SXPP) fell 2.7% and automakers (.SXAP) dropped 2.9%, while defensive telecoms (.SXKP) and healthcare (.SXDP) stocks fell the least.

UK’s FTSE 100 (.FTSE) fell 1.3% as data showed soaring food prices pushed British consumer price inflation to a new 40-year high last month of 9.1%, underlining the severity of the cost-of-living crunch. read more

BASF (BASFn.DE) slid 4.2% after the German chemical group’s CEO said the company is likely to face a considerable downturn early in the second half of the year.

Norway’s Mowi (MOWI.OL), the world’s largest fish farmer, tumbled 6.1% after share placing.

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Reporting by Sruthi Shankar in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

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