European shares fall as retail and automotive stocks go into decline

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European shares fall as retail and automotive stocks go into decline via IrishTimesBiz

But, elsewhere, there were declines across sectors with building materials group CRH dropping 2.3 per cent to €37.76, Ryanair down 2.8 per cent at €12.77 and packaging group Smurfit Kappa ending 2.65 per cent lower at €35.21.

Surging household energy bills and food prices pushed British inflation to a new 41-year high in October, according to data published a day before chancellor Jeremy Hunt is due to announce tax increases and spending cuts to control price growth. Retailers dipped 3.4 per cent after Target forecast a surprise drop in holiday-quarter sales, blaming surging inflation and “dramatic changes” in consumer spending for a drop in demand for everything from toys to electronics.Shares of German arms maker Rheinmetall, Italy’s Leonardo, French defence and technology group Thales, Sweden’s Saab and Britain’s biggest defence company BAE Systems rose between 0.2 per cent and 4.2 per cent.

 

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