European stocks were hammered on Friday, falling for a seventh session in eight amid renewed concerns about the pace of the global economic recovery.
The Euro Stoxx 50 index of eurozone bluechip stocks unofficially fell 1.55 percent for the day, and was down nearly 2 percent for the week. The benchmark index has been in the red for 2011 since last week.
The Stoxx Europe 50 index, which includes some major U.K. companies, fell 1.18 percent today.
Unofficially, the German DAX slipped 1.25 percent and the French CAC 40 dropped 1.9 percent. The UK's FTSE 100 fell 1.55 percent and Switzerland's SMI lost 1.18 percent.
Markets were rattled after disappointing Chinese export data suggested that global demand is slumping, while the U.S. economy remains mired in a soft patch.
The Federal Reserve seems disinclined to try another round of quantitative easing, prompting investors to shed riskier assets.
Also, a resolution to the Greek debt crisis is weeks away despite pledges from Athens to cut costs and hasten privatization.
Germany is insisting that the private sector assume some of the Greek debt risk, but the European Central Bank is warning a restructuring will cripple the fragile banking sector.
Lenders were weaker across Europe, with Deutsche Bank losing 0.24 percent and Societe General dropping nearly 2 percent.
Energy stocks were hit hard amid reports that Saudi Arabia is prepared to unilaterally boost production after a contentious meeting with its OPEC cousins. Total lost 1.3 percent and Eni fell 1.4 percent.
Base metal miners were also pressured by falling prices.
A number of stocks were moving on broker recommendations, including car maker Daimler, which slipped 1.8 percent. HSBC cut its price target on Daimler to 58 euros from 62 euros.
On the flip side, HSBC raised its price target on Deutsche Boerse to 77 euros from 68 euros. The stock slid 0.70 percent.
Kabel Deutschland rose 2.3 percent after the cable operator's price target was increased to 48 euros from 42 euros at JPMorgan.
Clothing and footwear firm Hugo Boss added 0.5 percent in Frankfurt. Morgan Stanley initiated the stock with "Overweight" and a price target of 80 euros.
Peugeot dropped 3.3 percent and Renault lost 2.16 percent. HSBC cut Peugeot to "Underweight" from "Neutral" and reduced the price target to 26 euros from 35 euros.
Novartis was down 1.2 percent in Zurich. Barclays reduced its rating on the stock to "Underweight" from "Equal Weight."
Specialty chemicals firm Akzo Nobel said its Chief Executive Officer Hans Wijers has decided to step down with effect from Annual General Meeting 2012. Sulzer's Chief Executive Officer Ton Buechner will leave to join Akzo Nobel.
Akzo Nobel lost 1.25 percent in Amsterdam, while Sulzer lost 5 percent in Zurich.
Hermes International sank 4.8 percent as rival LVMH Moet Hennessy Louis Vuitton said it has no plans to make a takeover bid.
Hays Plc rose 2.9 percent after the U.K.'s Daily Mail reported that Adecco SA is considering a takeover bid for the recruitment company.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.