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European stocks reach 6-month low amid fears of U.S. economic slowdown
(MENAFN) On Monday, European stock markets tumbled to their lowest levels in nearly six months, driven by widespread global selling and escalating fears over slowing economic growth in the United States. The European Stoxx 600 index fell by 3.1 percent to 482.42 points, marking its lowest point since February 13. The downturn was mirrored across major European indices, with the French CAC 40 dropping 2.6 percent, the German DAX falling 2.5 percent, and the British FTSE 100 declining by 2.04 percent. This decline reflects investor apprehension over the potential for a U.S. recession, impacting global market sentiment.
The European stock markets have been under significant pressure, with the Stoxx 600 index poised to record its worst daily performance in two and a half years. The index had already posted its worst weekly performance in nearly ten months on Friday, falling below the 500-point threshold for the first time since April 15. This sharp drop indicates a growing aversion to riskier assets among investors who are increasingly worried about economic instability in the U.S., which is spilling over into European markets.
Financial sectors bore the brunt of the sell-off, with the banking sub-index experiencing a 4.2 percent loss, the financial services sub-index dropping 3.6 percent, and the technology sub-index falling by 5 percent. Despite the broader market downturn, shares of Galderma rose 2.2 percent after L'Oreal announced its plan to acquire a 10 percent stake in the Swiss skincare company, providing a rare bright spot in an otherwise gloomy trading session.
The European stock markets have been under significant pressure, with the Stoxx 600 index poised to record its worst daily performance in two and a half years. The index had already posted its worst weekly performance in nearly ten months on Friday, falling below the 500-point threshold for the first time since April 15. This sharp drop indicates a growing aversion to riskier assets among investors who are increasingly worried about economic instability in the U.S., which is spilling over into European markets.
Financial sectors bore the brunt of the sell-off, with the banking sub-index experiencing a 4.2 percent loss, the financial services sub-index dropping 3.6 percent, and the technology sub-index falling by 5 percent. Despite the broader market downturn, shares of Galderma rose 2.2 percent after L'Oreal announced its plan to acquire a 10 percent stake in the Swiss skincare company, providing a rare bright spot in an otherwise gloomy trading session.
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