Euro Stoxx 50 Flirts With Bear Market as Stocks Tumble Worldwide
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The Euro Stoxx 50 sank 1.3 percent on Friday, flirting with the bear market threshold after losing 20 percent from a peak in November 2017. The gauge is following other European indexes like Germany’s DAX and Italy’s FTSE MIB which entered bear territory earlier this year.
The benchmark, home of the 50 biggest companies in the euro area by market value including drug maker Sanofi, luxury goods maker LVMH and industrial conglomerate Siemens AG, is heading for its worst year since 2011, marking the end to a six-year winning streak. A trade war between China and the U.S., slowing economic and earnings momentum as well as political risks from Brexit to Italy and France have all weighed on European stocks this year.