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E.U. Stocks Slide as ECB Gears Up to Fight Inflation with Higher Rates

European stocks were gutted yesterday (Thursday) as banks took heavy losses in the face of more hawkish inflation comments from European Central Bank (ECB) President Jean-Claude Trichet that put pressure on already struggling financials. The Dow Jones Stoxx 600 closed down 2.6% to 288.48, the worst finish for the Eurozone index since October 2005. The FTSEurofirst 300 had a 2.5% drop, to close at 1,197.02 points, its largest one-day percentage drop since mid-March, Reuters reported. Regional indices faired the same, as the Paris-based CAC40 , London’s FTSE 100, Madrid’s IBEX 35 and the Frankfurt-based DAX all posted declines. “Overall, there is unprecedented confusion as investors seek…
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