Following China’s announcement of its weakest annual economic growth in nearly 50 years, which increased investors’ concerns about an economic slowdown, European shares fell, taking a break from their sharp rally since the beginning of this year.
The pan-European STOXX 600 (.STOXX), which had reached its highest point in nine months the previous session, was down 0.3%. German inflation continued to decline in the last month of 2022, according to data released.
However, the energy crisis will continue to have an impact on the industry in Europe’s largest economy, according to a warning from Germany’s BDI industry association.
UK’s blue-chip FTSE 100 (.FTSE) dipped 0.2%, but hit a record high of 7,903.50.Shares of Ocado Group (OCDO.L) fell 6.6% after its online joint venture Ocado Retail said its customers purchased fewer items per order in response to the cost-of-living crisis.