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Investors now await euro zone annual inflation data for May at 0900 GMT, expected to climb to a record 7.7% after last month’s 7.4% rise. Fears of a sustained rise in energy costs heightened as crude prices gained after Europe vowed to cut most Russian oil imports. [O/R]
Germany’s DAX slipped 0.6%, while the region-wide STOXX 600 index dropped 0.4% by 0713 GMT, with added volatility as U.S. markets were set to return after a long weekend.
Technology and travel stocks led losses, down more than 1% each.
On the month, STOXX 600 was set to end down over 1%.
London’s FTSE outperformed, up 0.1% on an energy rally and as consumer goods giant Unilever (NYSE:UL) jumped 7% after it named activist investor Nelson Peltz to its board.
Among other stocks, Dutch speciality chemicals maker DSM jumped 10.4% on plans to merge with Swiss peer Firmenich. DSM also announced the sale of its engineering materials subsidiary for 3.85 billion euros ($4.13 billion) to private equity firm Advent International and German chemicals company Lanxess
Lanxess surged 10.9%.
