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European stocks are declining due to growth concerns


European stocks opened lower on Friday amid fears that aggressive central bank tightening and uncertainty surrounding the war in Ukraine and blocking Covid-19 in China will hamper economic growth.

Germany’s industrial production fell 3.9 percent in March from a month earlier, well above economists’ forecast of -1.0 percent and reversed growth by 0.1 percent in February, Destatis reported earlier that day.

Compared to the same period last year, industrial production fell by 3.5 percent after growing by 3.1 percent in February.

The pan-European Stoxx Europe 600 fell 1.2 percent to 433.19, while Germany’s DAX, France’s CAC 40 and Britain’s FTSE 100 fell 0.8-1.2 percent.

IAG, the owner of British Airways, fell 8.5 per cent after announcing another significant operating loss.

German sportswear company Adidas lost 5.4 percent after a warning that its operating profit this year would be lower than previously expected.

Dutch bank ING fell 1.6 percent after its profits were hit by significant provisions of its wholesale banking division.

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