As investors remained cautious due to global concerns about overpriced tech stocks and hawkish U.S. monetary policy, European markets plummeted on Friday and were poised for their biggest weekly decline since late March. By 08:15 GMT, the pan European STOXX 600 had down 1% to 558.19 points, its lowest level since early October.
Major regional bourses saw declines, with France's CAC 40 falling 0.7% to a one month low and Germany's benchmark falling 1.2% to its lowest level since early May.
AI equipment manufacturers that have profited from the technology boom, such Schneider Electric and Siemens Energy, were down 2% and 7%, respectively, while IT stocks that had been the focus of recent market turbulence lost 2%.
As concerns about a possible AI bubble reappeared and a mixed U.S. jobs data fuelled anxiety over the Federal Reserve's December policy rate decision, Thursday's worldwide surge following Nvidia's optimistic estimates proved fleeting.
The STOXX is expected to lose around 3% this week, which would be its largest weekly decline since the announcement of U.S. tariffs drove international markets into a frenzy in late March and early April.
Individual equities saw a 1% decline after the French water and waste management giant Veolia VIE.PA agreed to pay Enviri $3 billion to acquire the U.S.based hazardous waste company Clean Earth.
