Major European stock exchanges extended losses into the session on Wednesday as economic uncertainties pushed the equities deeper into negative territory. The European Central Bank warned of further increases in its interest rates to curb the soaring inflation in the region, noting that energy is the main driver for the surging prices.
The negative sentiment is seemingly driven by hawkish remarks of the United States Federal Reserve the day before that revealed aggressive monetary policy will continue until the country's inflation sees signs of a decline, leading to significant losses on Wall Street.
Frankfurt's DAX plunged by 2.09% or 252 points at 11:58 am CET. At the same time, the CAC 40 and London's FTSE 100 slumped by 1.57% and 1.95% respectively. The euro dropped by 0.45% against the American currency, to change hands to $0.95531 at 12:06 pm CET. The pound sterling plummeted by 0.55% against the greenback, selling to $1.06639 a minute later.
