European Stocks Extend Losses after CPI DataEuropean shares extended losses on Wednesday, with the Dax falling almost 1% and the Stoxx 600 0.6% to hit a fresh over six-week low, after data showed inflation in the Euro Area accelerated more than expected to hit a record high of 9.1%, strengthening the case for the ECB to deliver a big rate hike next week. At the same time, concerns over a further reduction in gas supply increased as natural gas flows via the Nord Stream 1 pipeline halted for a 3-day maintenance. Utilities, industrials, cyclicals and non-cyclicals were the worst performing sectors. Major bourses in Europe are on track to end the August month down nearly 4%.
