European stocks hit near six-month low on US recession fears
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Aug 5 (Reuters) -European shares tumbled to a near six-month low at the start of the week amid a global sell-off in equities on fears of a slowdown in U.S. economic growth.
The pan-European STOXX 600 index .STOXX was down 3.1% to 482.42 points by 0711 GMT, hitting its lowest since Feb. 13. The benchmark is also set for its worst day in 2-1/2 years.
The index saw its worst week in nearly 10 months on Friday and fell below the 500-mark for the first time since April 15.
Fears that the U.S. could be heading towards a recession have sent investors dashing away from risk assets. MKTS/GLOB
All major European bourses opened in the red.
Financial sectors were hit the most on the day. Banks .SX7P lost 4.2%, financials services .SXFP shed 3.6% while and the tech sector .SX8P slipped 5%.
Among individual stocks, Galderma GALD.S gained 2.2% after L'Oreal OREP.PA said it would acquire a 10% stake in the Swiss skincare firm from a group of major shareholders.
OCI Global OCI.AS jumped 7.3% after Woodside Energy WDS.AX said it would acquire the Dutch chemicals maker's clean ammonia project in Texas for $2.35 billion.
Reporting by Pranav Kashyap in Bengaluru; Editing by Sonia Cheema
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