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European stocks benchmark sinks into bear market

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The Stoxx 600 closed at its lowest level since December 2020, paced by a sell-off in energy and miners.

Europe’s Stoxx 600 Index joined US and regional peers in a bear market as fears of a looming recession hammered demand for risk assets.

The European equity benchmark is the last major regional index to cross the bear market threshold after the German DAX and the Euro Stoxx 50 closed in that territory in March, and the SP 500 followed in June amid concerns about staunchly hawkish central banks, with this week’s outlook by the Federal Reserve adding to fears.

Investors are also paying the most to insure European high-grade corporate bonds against default since the height of the COVID pandemic as monetary tightening and recession fears worsen business conditions.In the UK, Liz Truss’s government set out the most radical package of tax cuts since 1972, reducing levies both on worker pay and companies in an effort to boost the long term potential of the economy.

 

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