European equity close: Italy leads the freefall

Europe is getting hammered by inflation worries, rate hikes and the potential for a sovereign debt crisis, which is why Italy underperformed today.

  • Stoxx 600 -2.7%
  • UK FTSE 100 -2.1%
  • German DAX -3.1%
  • French CAC -2.8%
  • Italy MIB -5.0%
  • Spain IBEX -3.8%

European stocks had held up much better than US stocks since the March low, in part because of far less tech exposure and lower multiples. But then you get a day like today where Italian stocks cut through support in a 5% fall and it’s a reminder of the risks.Italy MIB

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