European stocks record worst year since 2018

European stocks closed lower on the last trading days of a difficult year marked by geopolitical tensions and recession fears as central banks raised interest rates.

The Stoxx 600 dropped 1.3 percent today in sluggish trading as rising COVID-19 cases in China heightened concerns about global economic growth.

The overall European equity index has lost 12.9% this year, its worst performance since 2018.

The overall index was affected by the industrial and banking indices, while the index of technology stocks fell 1.8 percent, losing some of the big gains made in the last session.

Britain’s Financial Times 100 closed down 0.8% and trading hours were halved today, while the German stock index posted a 12.3% annual loss, its worst annual loss since 2018.

A source: “Reuters