Europe’s STOXX 600 slumps on risk-off mood after US selloff
2024.09.04 03:39
(Reuters) – European stocks opened sharply lower on Wednesday, as global markets were rattled by concerns of an imminent slowdown in the United States, while investors eyed more economic data from the euro zone.
The pan-European index fell 1% by 0710 GMT, while all other major European markets were also down around 1%.
The losses tracked an overnight selloff in Wall Street’s main indexes, all of which recorded their biggest daily percentage declines since early August, with sentiment weakened by weak manufacturing data. [.N] [MKTS/GLOB]
Semiconductor companies were the top losers in early trading, with ASML (AS:) Holdings falling 5.3%, tracking a rout in Nvidia (NASDAQ:)’s stock on Tuesday.
Barratt slid 1.4% after the British housebuilder said housing demand continues to be sensitive to mortgage affordability after it posted a 56% slump in its annual profit.
Investors will be hawkeyed on euro zone’s HCOB services Purchasing Managers’ Index at 0800 GMT and July producer prices data at 0900 GMT, for more light on the region’s economic health and the interest rate outlook.
Services PMI from Germany, Spain, Italy and France is also due later in the day.
