European shares post worst weekly decline since September as recession fears grow

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European shares post worst weekly decline since September as recession fears grow

A bucket of European shares fell across the board on Friday amid growing recession worries, ending the week lower as major Central Banks had signalled further rate-hikes. Apart from that, economic data released on Friday showed that the eurozone economy had botched to allay concerns of an impending recession.

The regional Pan-European STOXX 600 ended the session 1.2 per cent lower, winding up the week with a percentage decline of 3.3 which happens to be the index's worst weekly decline since September. In the point of the fact, in the day’s sharp downfall in major European bourses were almost entirely prodded by a fall in business activity in the Eurozone in December, which eventually had pushed the investors to their toes.

Apart from that, hawkish remarks from the ECB (European Central Bank) President Christine Lagarde had played a pivotal role as she was quoted saying later last week that the ECB would likely to bank on a 50-bps (basis percentage points) rate-hikes for quite a while, eventually sending shockwaves across European money markets.

European bourses totter after hawkish ECB remarks

Citing statistics, in the day’s European market wind-down, London’s blue-chip FTSE 100 had rounded off the session 1.27 per cent lower to 7,332.12 and French CAC 40 curbed out 1.08 per cent to 6,452.63, while Frankfurt’s DAX dwindled 0.67 per cent to 13,893.07.

Elsewhere in the Europe, Italy’s FTSE MIB soured 0.16 per cent to 23,688.16, while Madrid’s IBEX 35 shed 1.29 per cent to 8,112.50. Over the week, London’s blue-chip FTSE 100 faltered 1.93 per cent, French CAC 40 shrugged off 3.37 per cent and Frankfurt’s DAX lost as much as 3.32 per cent, while Italy’s FTSE MIB muzzled 2.43 per cent and Madrid’s benchmark IBEX 35 dropped 2.13 per cent.

Meanwhile, stressing that the possibilities of an economic stagnation alongside a robust build-up in price-pressures had been spreading jitters across the money markets, President of AI Investment platform Toggle, Giuseppe Sette said, “Beyond the inflationary pressures, there is a growth issue at stake”.