Europe is on course for its worst year since last year as Russia's war in Ukraine and high inflation hammered risk assets around the world.
The pan- European Stoxx 600 index started the last trading day of the year down more than 12%, its worst performance since the beginning of the year. The European blue chip index increased in value by 22% in 2011.
The U.K.'s FTSE 100 was down by 0.35%, the French CAC 40 was down by 0.6%, and the German DAX was down by 1%. The stock market was down.
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Economies around the world began the year still trying to emerge from the Covid-19 epidemic, with China and other supply shortages forming what was now dubbed "transitory" inflationary pressure by the U.S. Federal Reserve.
Russia's invasion of Ukraine in February and subsequent weaponization of its food and energy exports in the face of sweeping sanctions by Western powers sent food and energy prices skyrocketing and helped to send inflation to multi-decade highs.
The Fed and other major central banks were forced to tighten monetary policy with aggressive hikes to interest rates in order to rein in inflation because of the cost-of-living crisis.
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