Europe Markets Close 1.5% Lower Following Slew of Central Bank Decisions; Tech Stocks Down 3%
European markets closed lower Friday as investors digested a slew of central bank rate decisions this week and their impact on the global economy.
The pan-European Stoxx 600 index provisionally closed 1.45% lower, reversing Thursday's upbeat performance as most sectors fell into the red.
The regional benchmark closed 1.4% higher Thursday, after the U.K.'s Bank of England and Norway's Norges Bank both held rates steady, drawing a contrast with the U.S. Federal Reserve's bumper rate cut a day prior.
Tech stocks in Europe lost 2.96% on Friday, while mining stocks were down 2.6%.
Auto stocks shed 3.6%, led by Mercedes, which slumped over 8%, before paring losses slightly, after cutting its 2024 guidance in light of weaker demand from China. Carmakers Volvo and Stellantis were also lower.
Source : CNBC