European stocks stumble on recession fears and combined fears…

European shares fell sharply on Friday, with a slew of data pointing to an economic slowdown in the region raising concerns about the impact of the Federal Reserve’s aggressive measures on inflation, and the new British government announcing economic plans. The country’s financial health.

The sources said that indices were also feeling the brunt of Credit Suisse’s decline after the Swiss bank reached out to investors for fresh liquidity, in the fourth such approach in nearly seven years as the bank attempts to fundamentally overhaul the investment bank’s business.

At 8:38 am (GMT), the European Stoxx 600 index was down 2.79% to 388.62 points.

Interest rates rose sharply throughout the week, with the Federal Reserve delivering its third consecutive increase of 75 basis points on Wednesday, and Switzerland exiting an era of negative interest rates on Thursday.

The Bank of England (BoE) raised interest rates by 50 basis points this week, while the European Central Bank (ECB) earlier this month raised its benchmark interest rate by 75 basis points.

“If you look at the major major events this week from the Federal Reserve, the Bank of England, and central banks across Europe, they are in a flurry of rate hikes,” said Stuart Cole, chief economist at Equiti Capital.

The slowdown in business activity deepened across the eurozone in September, according to a Purchasing Managers’ Index (PMI) survey that showed the economy likely headed into a recession as consumers curb spending amid the cost of living crisis.

Britain’s new finance minister, Kwasi Quarting, announced historic tax cuts and massive increases in lending on Friday in an economic agenda that has sent financial markets crashing, with British government bonds plummeting.

. The FTSEurofirst 300 Index fell 2.66% to 1,539 points.

. In London, the FTSE fell 2.40% to 6,987 points.

. In Frankfurt, the DAX fell 2.67% to 12,197 points.

. In Paris, the CAC 40 fell 2.38% to 5,777 points.

. In Milan, the Ftse/Mib index fell 3.22% at 21,097 points.

. In Madrid, the Ibex-35 index registered a decline of 2.92% at 7,547 points.

. In Lisbon, the PSI20 index fell 3.65% to 5,471 points.