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European stocks plunged sharply on Friday, sending several markets<\/span> in the region to multi-month lows, amid concerns the weak U.S. data and the delay in interest rate cuts by the Fed could lead the world’s largest economy<\/span> into a recession.<\/p>\n Disappointing earnings news from several big name U.S. companies, and weak economic data from Europe also weighed on the markets.<\/p>\n Tech stocks were under pressure after U.S. chipmaker Intel said it would cut more than 15% of its workforce in a desperate cost-cutting bid.<\/p>\n The pan European Stoxx 600 tumbled 2.73%. The U.K.’s FTSE 100 ended down 1.31%, Germany’s DAX dropped 2.33% and France’s CAC 40 fell 1.61%. Switzerland’s SMI plunged 3.59%.<\/p>\n Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Norway, Sweden and Turkiye lost 2 to 4%.<\/p>\n Poland, Portugal, Russia and Spain ended down 1 to 2%, while Iceland ended modestly lower.<\/p>\n In the UK market, Intermediate Capital Group shares plunged more than 7%. Diploma, JD Sports Fashion, Melrose Industries and Barclays lost 6 to 7%.<\/p>\n 3i Group, Mondi, Pershing Square Holdings, Ashtead Group, Burberry Group, Howden Joinery, Kingfisher, Marks & Spencer, Standard Chartered, Scottish Mortgage, Natwest Group, M&G, Rolls-Royce Holdings, HSBC Holdings, Anglo American Plc, Prudential and Fresnillo lost 3 to 6%.<\/p>\n British Airways owner IAG climbed nearly 5% after it posted strong first-half results and announced plans to pay a dividend for the first time since the start of the Covid-19.<\/p>\n Haleon, United Utilities, Severn Trent, GSK, National Grid, SSE, Unilever and Reckitt Benckiser gained 1 to 3%.<\/p>\n In the German market, RWE and Siemens Energy both ended down more than 7.5%. Zalando, Deutsche Bank, Infineon, Commerzbank, HeidelbergCement, Siemens, Sartorius, Daimler Truck Holding and Deutsche Post lost 4 to 6%.<\/p>\n Puma, Merck, Rheinmetall, Adidas, SAP, Symrise, Volkswagen, Mercedes-Benz, BASF, Siemens Healthineers, Munich RE, Fresenius, BMW and Allianz ended down 1 to 4%.<\/p>\n Qiagen, Vonovia, Brenntag, Deutsche Telekm and Bayer posted moderate gains.<\/p>\n In the French market, Credit Agricole plummeted more than 7%. Societe Generale ended down 6.25%. STMicroElectronics, Schneider Electric, Accor, Publicis Groupe, Renault and Teleperformance lost 4 to 5.6%.<\/p>\n Stellantis, Dassault Systemes, Legrand, Saint Gobain, BNP Paribas, ArcelorMittal, Unibail Rodamco, Hermes International, Viventi, Kering, LVMH and Edenred also declined sharply.<\/p>\n Engie gained 2.3%. The company lifted its profit guidance for 2024, citing a strong first-half performance in power generation and lower-than-expected financial costs.<\/p>\n Danone climbed about 2.7%. AXA and Sanofi also posted strong gains.<\/p>\n On the economic front, France’s industrial production recovered in June largely driven by the rebound in transport equipment output, data from the statistical office INSEE showed.<\/p>\n Industrial production registered a monthly growth of 0.8% in June, in contrast to the 2.2% decrease in May. However, this was weaker than the expected growth of 1%.<\/p>\n Manufacturing output also grew by 0.8%, reversing May’s 2.7% decline.<\/p>\n Switzerland’s consumer price inflation held steady as expected in July, the Federal Statistical Office reported today. The consumer price index rose 1.3% on a yearly basis, the same as in June. In May, the inflation rate was 1.4%.<\/p>\n In U.S. economic news, the Labor Department’s report said non-farm payroll employment climbed by 114,000 jobs in July after jumping by a downwardly revised 179,000 jobs in June. Economists had expected employment to rise by 175,000 jobs compared to the surge of 206,000 jobs originally reported for the previous month.<\/p>\n The Labor Department also said the unemployment rate rose to 4.3% in July from 4.1% in June. Economists had expected the unemployment rate to remain unchanged.<\/p>\n With the unexpected increase, the unemployment rate reached its highest level since hitting 4.5% in October 2021. <\/p>\n<\/p>\n<\/div>\n