European stocks sharply lower; banking sector hit hard By Investing.com

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⚠️BREAKING: *EUROPEAN STOCKS PLUNGE ACROSS THE CONTINENT; BANKING SECTOR HIT HARD - 🇪🇺🇩🇪🇫🇷🇮🇹🇪🇸🇬🇧

) stock fell 5.4% after the Nordic lender said it will book a provision of around $3.7M to do with a U.S. investigation over the bank's"historical shortcomings".

Elsewhere, Daimler Truck stock fell 2.9%, caught up in the negative overall sentiment despite the company announcing it will pay its first dividend after hitting its 2022 targets and expects higher earnings and revenue this year. Oil prices fell Friday, and are heading for their worst weekly loss in five weeks on concerns steep interest rate hikes in the U.S. will stymie economic activity and thus crude demand in the largest consumer in the world.

Also weighing on sentiment this week has been disappointing economic data out of China, the largest oil importer in the world, suggesting its economic recovery will take some time.

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