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Reuters

European shares tumble on recession angst, grim German inflation data

European shares tumbled on Thursday as relief from the Bank of England’s bond buy-back plan to soothe distressed markets fizzled out, while grim inflation data from Germany fed fears about soaring prices and aggressive central bank moves. The continent-wide STOXX 600 index fell 1.7%, after ending higher on Wednesday, as investors fretted about the prospects of a global economic downturn, with a slew of retailers in the region warning about the impact of a cost-of-living crisis on their business. The disappointing corporate updates magnified investor worries about a hit to earnings growth at a time when Europe is grappling with an energy crisis and central banks are tightening financial conditions to quell runaway inflation.