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European shares face worst quarter since pandemic-led carnage in early 2020

European shares fell on Thursday and were set for their worst quarter since the pandemic-led carnage in early 2020, as investors became increasingly wary of a global recession in the wake of hawkish central bank actions to tame rising inflation.

The continent-wide STOXX 600 index .STOXX was down 1.4% by 0709 GMT, with France’s CAC 40 index .FCHI down 2.0% as preliminary official figures showed inflation climbed further from the previous month to a record 6.5%.

The STOXX 600 fell for a second straight day after global central bank chiefs said bringing down high inflation around the world will be painful and could even crash growth.

Economy-linked sectors led declines in early trading, with basic resources .SXPP and automobiles .SXAP down between 1.9% and 2.1%.

Among single stocks, Uniper SE UN01.DE tumbled 17.5% after the German utility withdrew its outlook for the 2022 financial year due to gas supply restrictions from Gazprom GZAVI.MM.
Source: Reuters (Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu)

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