European stocks fall on recession fears

LONDON (Archyde.com) – European shares fell on Wednesday, after concerns about a global recession outweighed recent optimism about the lifting of lockdown restrictions in China. The pan-European Stoxx 600 index fell 0.7 percent by 0708 GMT, ending a three-day rally after a rough trading session on Wall Street overnight, on the back of bleak consumer confidence data in the United States. Germany’s DAX index led the decline among other indicators in the region, falling by 0.9 percent ahead of the preliminary reading of German inflation expected at 1200 GMT. H&M shares rose 0.7% after the world’s second-largest fashion chain reported a more-than-expected 33% growth in quarterly profit.