European stocks fell to a two-week low as most sectors fell


The Frankfurt Stock Exchange on November 9, 2018 – Reuters

LONDON (Reuters) – European stocks fell to a two-week low on Wednesday in a broad wave of declines in the oil, mining, technology and banking sectors, with renewed concerns about the global economic slowdown and the deteriorating Italian budget crisis.

The European Stoxx 600 index fell 0.6 percent after a volatile session was influenced by commodity stocks and the fall in Italian stocks.

Stokes and leading euro zone shares hit their lowest level since October 31 in early trade, before some losses recovered and closed near that level when Wall Street fell under Apple's influence, which led to a new decline in the technology sector.

The European Technology Index fell 0.6 percent, while AMS chip makers lost another 10 percent to the Stoxx 600 Europe.

Stocks have lost nearly a third of their market capitalization since the beginning of the month to date amid concerns about weak sales in the US holiday season after warnings from Apple and Qualcomm.

Italy's insistence on growth plans and deficits in the new budget draft paves the way for decisive confrontations with the European Union over violations of permissible structural deficits.

The oil and gas index fell 0.5 percent.

In London, the British Financial Times 100 index fell, with Prime Minister Teresa May trying to persuade her government to accept the draft European Union separation agreement, which was opposed by opponents threatening the independence and unity of the United Kingdom.

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