Fears over interest rates and growth weigh on consumer stocks

Market heavy hitter, the building materials group CRH, was down by 3.3 per cent to €35.40. The stock is sensitive to worries over the economy in the US.

Homeware retailer Dunelm closed higher after it reported that annual profits leapt nearly a third higher to a new record. Shares increased by 25p to 748p despite the company highlighting an “extremely challenging” wider economic backdrop. The German Dax declined 1.17 per cent by the end of the session and the French Cac finished 0.42 per cent lower.

German forklift truck maker Kion tumbled 29.7 per cent to nine-year lows on a profit warning as the company struggled with supply chain issues and higher costs.Five of the 11 major S&P sectors were higher, led by a 3.2 per cent jump in the energy sector as oil prices rebounded nearly 2 per cent on supply concerns.

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Global stocks tumble after US inflation data fuels bets on further interest rate hikesGlobal stocks tumble after US inflation data fuels bets on further interest rate hikes via IrishTimesBiz IrishTimes This quarter saw the biggest drop in personal wealth in US history . The Biden administration keep poring money into an over heating economy which goes against all economic theory
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