European stocks start June on a low note

After ending May in negative territory, European markets were marginally lower on Wednesday as traders continued to examine new data on inflation and economic growth.

After fluctuating since the open, the Stoxx 600 index in Europe fell 0.3 percent below the flatline by early afternoon. Automobiles were up 2.1 percent, while utilities dipped 1%.

Dr Martens stock rose 25% after the British footwear maker forecasted stronger yearly revenue growth and announced good revenues for the fiscal year ending March 31.

DWS stock dropped 6.4 percent when its CEO quit a day after German authorities raided the headquarters of Deutsche Bank, the German asset management and majority owner, on “greenwashing” claims.

Concerns about inflation reappeared after red-hot consumer price reports across the eurozone, sending the European blue-chip index down 0.85 percent in May.

Inflation in the eurozone rose to 8.1 percent on an annual basis in May, topping predictions and setting a new high for the seventh time in a row. Investors are keeping a tight eye on the European Central Bank for clues on the timing and magnitude of interest rate hikes needed to keep consumer prices in check.

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