European Shares Decline On Rate Hike Worries
(RTTNews) - European stocks were subdued on Tuesday as new U.S. military action against Iranian targets clouded the outlook for an imminent peace deal.
The European Central Bank should raise interest rates in June even if there's a quick resolution to the Middle East conflict, ECB Executive Board member Isabel Schnabel said today.
"Even if the war ended today, a lot of damage has already been done to energy infrastructure and global supply chains," she said in an interview published on the ECB's website.
The British pound traded lower against its major peers after a measure of U.K. shop price inflation accelerated in May on rising non-food prices.
The shop price index climbed 1.2 percent year-on-year in May, following April's 1.0 percent increase, the British Retail Consortium said.
The pan-European Stoxx 600 was down 0.2 percent at 630.25 after rallying 1 percent on Monday.
The German DAX fell 0.7 percent and France's CAC 40 declined 0.9 percent. The U.K.'s FTSE 100 was up 0.7 percent as traders returned to their desks after a long holiday weekend.
Shares of home improvement retailer Kingfisher rallied nearly 3 percent in London. After a resilient first quarter, the company said it remains on track to meet its full-year guidance.
Government services provider Serco Group gained 1 percent after renewing its facilities management contract valued at more than 270 million pounds with Norfolk and Norwich University Hospital.
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