European stocks moved sharply lower at the end of Wednesday’s session, after unexpectedly weak U.S. manufacturing activity stoked worries over the world’s largest economy.
The pan-European Stoxx 600 was down 2.7% to 377.52 at the closing bell, on course for its largest one-day fall for almost a month. Several sectors plunged more than 3%, with construction and material stocks leading losses as all sectors and major bourses traded firmly in the red.
The moves came as investors reflected on weaker-than-anticipated economic data out of the U.S., which was compounded by German economic research institutes slashing GDP growth forecasts for Europe’s largest economy.
U.S. manufacturing activity tumbled to lows not seen in over a decade, data published Tuesday showed, aggravating worries about a long-running trade dispute between Washington and Beijing.