European stocks fall at open as recession risks weigh
For a live blog from Reuters on US, UK and European stock markets, click LIVE/ or type LIVE/ in a news window
September 16 (Reuters) – European stocks fell on Friday as recession warnings and bets of a sharp interest rate hike from the US Federal Reserve next week turned sentiment around.
The STOXX 600 on a continental scale .STOXX the index slid 1% moments after the opening bell, looking at declines of more than 2% for the week.
All major European sector indices were down at 07:11 GMT, travel and leisure .SXTP leading the declines.
The World Bank said Thursday night that the global economy could be heading into a recession as central banks aggressively tackle persistent inflation, adding to concerns that prevail ahead of the Fed meeting next week.
The International Monetary Fund said it expected a slowdown in the third quarter, while warning some countries could slide into recession in 2023.
Struggling German gas importer Uniper SE UN01.DE fell 9.4% to the STOXX 600 low as it struggled to keep up with costs following Russia’s sudden shutdown of a major natural gas pipeline earlier this month.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu)
((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961 144 3740; Twitter: https://twitter.com/s_shreyashi;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.