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European Shares Extend Losses As Recession Worries Mount

european market 021219 23sep22 lt

European stocks fell on Friday to extend losses from the previous session amid concerns about a possible global recession.

S&P Global's Eurozone manufacturing purchasing managers' index fell to 48.5 in September from 49.6 a month earlier, according to preliminary estimates released earlier in the day.

Also, the downturn in British businesses deepened this month because of soaring costs and faltering demand.

The S&P Global/CIPS flash Composite Purchasing Managers' Index (PMI) fell to 48.4 from 49.6 in August.

The pan European Stoxx 600 was down 1 percent at 395.90 after falling 1.8 percent in the previous session.

The German DAX dropped 0.8 percent, France's CAC 40 index slipped 0.7 percent and the U.K.'s FTSE 100 was down 1.6 percent.

U.K. government bonds fell sharply as chancellor Kwasi Kwarteng's mini-Budget slashed taxes.

Banks declined, with Credit Suisse plunging 6 percent to hit a record low on reports that the Swiss bank Suisse is sounding out investors for fresh cash.

French ophthalmic company EssilorLuxottica was marginally higher after launching its share buyback program.

Smiths Group surged 4.8 percent. The engineering business firm posted a decline in pre-tax earnings for the fiscal 2022, though revenue improved from last year.

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