Solid Gold Berjangka – European stock markets fell sharply in Friday’s (Nov 6) trading session, with the STOXX 600 index dropping approximately 1.6%—its worst daily decline since July. The primary pressure stemmed from a sell-off in technology stocks, following a sharp correction in the Nasdaq on Wall Street.
Germany’s DAX index fell 1.7%, France’s CAC 40 weakened by 1.4%, Spain’s IBEX 35 dropped 1%, and the UK’s FTSE 100 corrected by 1.5%. Despite this, the STOXX 600 still managed a gain of about 1.3% for the week.
The technology sector served as the main drag as investors reduced their exposure to semiconductor and software stocks. Shares of ASML and Prosus each fell by more than 1%, while Capgemini weakened by 2% and SAP declined by approximately 0.9%.
This pressure followed a sharp downturn in the Nasdaq Composite, which plunged 5.52%, officially entering a correction phase after falling more than 10% from its record high on October 6. It marked the index’s worst single-session performance in the last 19 months.
Although markets weakened on Friday, European exchanges demonstrated resilience throughout the week. Investors managed to absorb pressures stemming from a sharp drop in oil prices, an interest rate hike by the Bank of England, and the shifting political landscape in the United States. (srh)