European stock markets plunged at the pace of the global equity sell-off, although they pared their losses towards the end of the session.
The pan-European index STOXX 600 closed down 2.2% at 486.79, paring a more than 3% drop, as the technology sector recovered some ground to close 1% lower. However, all sectors and major stock markets finished in the red, with utilities and oil and gas stocks losing more than 3%.
The German DAX closed with losses of 1.95% at 17,317.58 units, the British FTSE with a negative sign of 2.04% at 8,008.23 units and the French CAC40 with losses of 1.42% to 7,148.99 units.
According to strategic analysts, the fall in markets in Europe, Asia and the US is due to the fear of a recession in the US and a rapid reduction in interest rates by the US Federal Reserve, to the recent hawkish turn of the Bank of Japan to the collapse of the yen’s “carry trade” , as well as the ongoing reassessment of the technology sector.
The VIX, which measures expected market volatility, jumped more than 100% to 64.06 during Monday’s trading before retreating to around 35, still the highest level since 2020.
U.S. stocks were sharply lower at the start of the session, with the Dow Jones industrial average shedding nearly 1,000 points, or 2.5 percent, as the tech-heavy Nasdaq Composite fell 2.6 percent.
The fall in Asia USA
Asia-Pacific markets led the sell-off on Monday. Japanese shares entered a bear market, with the Nikkei 225 losing 12.4% and posting its worst day since 1987.
The broad-based Topix fell, dropping 12.23%, while heavyweights such as Mitsubishi, Mitsui and Co, Sumitomo and Marubeni fell more than 14%.
The yen, meanwhile, rose to its highest level against the dollar since January as investors turned to U.S. Treasuries, boosting their prices
On the data front, demand for UK services rose in July, rising to 52.5 from 52.1 the previous month, according to new PMI data due on Monday. Corresponding figures for Italy and Spain also showed continued growth in the sector, but at a slower pace than in previous months.
Athens Stock Exchange: Free fall of 6.27% – 5.9 billion “lost” from capitalization
The Athens Stock Exchange found itself in the midst of the global sell-off today, with share prices registering a free fall, leading the market to levels of 1,340 units.
The Greek stock market followed the negative sentiment and the “sell-off” of shares in the international markets, which are retreating amid concerns about a possible recession in the American economy.
Turnover was high due to massive sales while most of this year’s profits were lost. The total market capitalization decreased today by 5.938 billion euros.
Fears of a US recession were the main culprit behind the global market slump following Friday’s disappointing July jobs report.
Source: ot.gr
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