European stocks slide for third day as oil prices soar
European stock markets fell on Wednesday as rising commodity prices stoked inflation worries at a time when crippling sanctions against Russia over its invasion of Ukraine have dented risk appetite.
The pan-European STOXX 600 index .STOXX had dropped 0.5% by 0811 GMT, entering its third straight session of losses.
Europe's oil & gas index.SXEP jumped 1.6% due to a near 7% surge in crude prices, with Brent crude LCOc1 soaring past $110 per barrel for the first time since 2014.
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Miners.SXPP gained 1.5% as prices of metals including nickel and aluminium rose, supported by increasing fears of supply disruptions.
Automakers .SAP took the biggest hit, falling 3.3%.
Eurozone banks dropped 2.2%, hitting 10-month lows on receding bets of interest rate hikes from the European Central Bank.
Among individual stocks, Ericsson ERICb.ST slumped 11.5% after the Swedish telecom gear maker said it had been informed that disclosures it made to the U.S. Department of Justice about an internal investigation into conduct in Iraq were insufficient.
