European stocks hit 2-month low

LONDON. European stocks slumped to their lowest in two months yesterday, as warnings from companies and factory activity data highlighted the economic headwinds from supply-chain constraints and elevated prices.

The Europe-wide STOXX 600 index fell 0.4 per cent in a weak start to October, which has traditionally been a rough month for equities, with technology, miners and banks leading broad declines.

Online electricals retailer AO World Plc tumbled 24.3 per cent, saying a shortage of delivery drivers in Britain and other disruptions in the global supply chain hit revenue growth in the first half of the year.

Meanwhile, a survey showed Eurozone manufacturing growth remained strong in September but activity took a big hit from supply chain bottlenecks that are likely to persist and keep inflationary pressures high. (Reuters)