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European shares fall as business growth data deepens slowdown worries

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 23, 2022. REUTERS/Staff

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  • Eurozone business growth slowed in May – PMI
  • French stocks lead decline as luxury names hit
  • Tech stocks decline with Wall Street
  • Tele2 plunges after Kinnevik sells 7.2% stake

May 24 (Reuters) – European shares ended lower on Tuesday, tracking declines in global stock markets with business expansion data for May renewing investor concerns over slowing economic growth and monetary policy tightening.

The pan-European STOXX 60 index (.STOXX) closed 1.1% down, giving back almost all of Monday’s gains.

PMI data showed euro zone business growth slowed this month and a shortage of raw materials held back expansion in manufacturing, adding to worries over global growth. read more

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