European stock markets witnessed a new wave of selling on Wednesday, May 24, with little progress made in the US debt ceiling negotiations and a significant increase in the core inflation rate in the UK. CNBC reported.
said.Another reason for the decline was more losses in luxury stocks. Network added.
By 07:18 GMT, the Stoxx 600 index of European shares fell 1.1%, retreating to its lowest level in about three weeks, with all stock markets in the region declining.
Real estate stocks declined in most European regions and the sector index fell by 2.5%, with UK construction stocks among the lowest.
After data showed that an index measuring UK price growth climbed to a 31-year high in April, boosting betting that English Bank would decide to implement more rate hikes.
The luxury stock index fell 1.7% to a more than six-week low, with no signs of a receding sell-off beginning on Tuesday.
Swedish video gaming stock Emberser fell 38.2% to all-time lows after the company announced that an important strategic partnership would not take place and lowered its full-year forecast before cutting taxes and interest.