european stock markets: European stocks hit near six-month low on US recession fears

The pan-European STOXX 600 index was down 3.1% to 482.42 points by 0711 GMT, hitting its lowest since Feb. 13. The benchmark is also set for its worst day in 2-1/2 years.

The index saw its worst week in nearly 10 months on Friday and fell below the 500-mark for the first time since April 15.

Fears that the U.S. could be heading towards a recession have sent investors dashing away from risk assets.

All major European bourses opened in the red.Financial sectors were hit the most on the day. Banks lost 4.2%, financials services shed 3.6% while and the tech sector slipped 5%.Among individual stocks, Galderma gained 2.2% after L’Oreal said it would acquire a 10% stake in the Swiss skincare firm from a group of major shareholders.OCI Global jumped 7.3% after Woodside Energy said it would acquire the Dutch chemicals maker’s clean ammonia project in Texas for $2.35 billion.