Europe's STOXX 600 at two-week low in broader market decline
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Euro STOXX volatility index hit highest level since Nov
German, French, Italian, Spanish benchmark stock indexes slide
Euro zone Feb retail sales fall 0.7%
STOXX 600 off 0.9%
Updates with closing prices
By Johann M Cherian, Ozan Ergenay and Ankika Biswas
April 5 (Reuters) -An overall market decline dragged Europe's benchmark stock index to a more than two-week low on Friday, following hawkish comments from some Federal Reserve officials, a spike in Middle East tensions and hotter-than-expected U.S. jobs data.
The continent-wide STOXX 600 .STOXX fell 0.9%, logging its worst day since early February. For the week, the index dropped 1.2%, its worst weekly drop since mid-January.
Utilities .SX86P, retail .SXRP and telecommunications .SXKP were the worst-hit sectors, down between 1.6% and 2.2%.
Benchmark indexes across all major European economies such as Germany .GDAXI, France .FCHI, Italy .FTMIB and Spain .IBEX fell over 1% each.
Fresh data showed much higher-than-expected U.S. nonfarm payrolls for March, potentially delaying anticipated Federal Reserve rate cuts this year. The central bank's policymakers also struck a hawkish chord before and after the data.
"The U.S. employment strength shouldn't move the needle too much for the ECB," said Steve Sosnick, chief strategist at Interactive Brokers.
"In Europe there are a few more stresses on a lot of the economies, so the situation there might prove a little more fertile for rate cuts."
Optimism around a rate reduction by the European Central Bank and the Fed has been the primary driver for gains in equity markets globally since late 2023.
Also exerting pressure on equities were rising euro zone bond yields after the U.S. jobs data.
Reflecting investor anxiety, the euro STOXX volatility index .V2TX hit its highest since November 2023.
European equities were already under pressure since early trade following hawkish comments from Fed officials and a spike in Middle East tensions.
Back home, data showed euro zone retail sales dropped 0.7% on an annual basis, less than the 1.3% decline expected by economists polled by Reuters.
Shares of SoftwareOne SWON.S dropped 1% after it announced all proxy advisers were now against the complete replacement of the Swiss firm's board of directors.
Holcim HOLN.S lost 0.5% after the Swiss building materials company said it will buy Tensolite, which makes and distributes pre-cast concrete systems in South America.
Bureau Veritas BVI.PA shed 0.7% after French investment firm Wendel MWDP.PA said it sold 9% of shares in the business support company.
Shell SHEL.L said it expected significantly lower results from its liquefied natural gas trading business in the first quarter of 2024 from the previous three months. However, its shares rose 0.6% due to higher oil prices.
Reporting by Johann M Cherian, Ozan Ergenay and Ankika Biswas; Editing by Shounak Dasgupta, Janane Venkatraman and Alison Williams
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