European Markets Face Significant Declines Amid Recession Fears
European financial markets are experiencing notable drops in the middle of the trading session, as global volatility persists amid growing concerns about an impending recession in the United States, according to reports.
The regional Stoxx 600 index has fallen by 2.64%, settling at 484.77 points, with all sectors and major regional exchanges trading in the red. Technology stocks have wiped out 5% of their value at one point, before managing to limit losses to a decrease of 3.5%. Companies in the oil and gas sector have also seen a decline of 3.94%, while banks are down by 3.62%.
Major Indexes Reflect Market Turmoil
The British FTSE 100 index has dropped 2.41% to 7977.36 points, and the German DAX index has recorded an even steeper decline of 2.57%, falling to 17,207.01 points.
In France, the CAC index is down by 2.05% to 7103.09 points, having previously hit a one-year low. The Italian FTSE MIB index is facing the most significant downturn, with a drop of 2.95% to 31,076.74 points. Meanwhile, the Spanish IBEX 35 has lost 2.68%, now standing at 10,386.70 points.
Market Volatility Indicator Peaks
The expected market volatility indicator, VIX, has surged to 41.65 points, marking the highest level since October 2020, as recession fears continue to escalate.
U.S. Futures Reflect Negative Sentiment
In the pre-market session in the U.S., futures for the S&P 500 index are down by 2.8%, hovering at 5225.75 points. Futures for blue-chip stocks have decreased by 1.90%, now at 39,112.00 points, while the technology-heavy Nasdaq has seen a decline of 4.17%, sitting at 17,783 points.
Data is current as of 14:30 Bulgarian time.
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