European Stocks Hit New Lows Amid Global Sell-Off
European stocks fell sharply this week, with the pan-European STOXX 600 index dropping to its lowest point in nearly six months. On Friday, the index plunged below 500 points for the first time since April 15, marking its worst week in almost nine months.
The STOXX 600 was down 3.1% to 482.42 points by 0711 GMT, reaching its lowest level since February 13. The index is on track for its worst day in 2.5 years, driven by fears of a slowdown in U.S. economic growth and concerns about a possible recession in the U.S.
European stock markets opened lower, with all major bourses in decline. The financial sector was hit hardest, with banks falling 4.2%, financial services dropping 3.6%, and the tech sector sliding 5%.
Despite the overall downturn, some individual stocks saw gains. Galderma rose 2.2% after L’Oréal announced it would buy a 10% stake in the Swiss skincare company. OCI Global surged 7.3% after Woodside Energy revealed it would acquire OCI’s clean ammonia project in Texas for $2.35 billion.
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