BERLIN, June 23 — European stocks hovered below record highs today as inflation worries overshadowed data showing a rise in June business activity, while shares in French luxury good makers tumbled on the back of a ratings downgrade from HSBC.
“The data doesn’t matter. The only data that matters is inflation,” said Keith Temperton, a sales trader at Forte Securities. The benchmark STOXX 600 pulled back from all-time highs last week following a surprisingly hawkish tone from the US Federal Reserve on inflation and monetary policy. The so-called value stocks were up between 0.7 per cent and 1.0 per cent by 0805 GMT, while growth-linked technology stocks were unable to hold on to an early rally tracking a record overnight finish in their US peers.
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