European stocks plunge to near six-month low amid US recession jitters
The index experienced its most severe week in nearly nine months on Friday, plummeting below the 500-point threshold for the first time since April 15.
European shares tumbled to a near six-month low at the start of the week amid a global sell-off in equities on fears of a slowdown in U.S. economic growth.
The pan-European STOXX 600 index was down 3.1% to 482.42 points by 0711 GMT, hitting its lowest since Feb. 13. The benchmark is also set for its worst day in 2-1/2 years.
The index saw its worst week in nearly 10 months on Friday and fell below the 500-mark for the first time since April 15.
Fears that the U.S. could be heading towards a recession have sent investors dashing away from risk assets.
All major European bourses opened in the red
Financial sectors were hit the most on the day. Banks lost 4.2%, financials services shed 3.6% while and the tech sector slipped 5%.
Among individual stocks, Galderma gained 2.2% after L'Oreal said it would acquire a 10% stake in the Swiss skincare firm from a group of major shareholders.
OCI Global jumped 7.3% after Woodside Energy said it would acquire the Dutch chemicals maker's clean ammonia project in Texas for $2.35 billion.