Financials and tech stocks worst hit as indices show a sea of red
Global stock markets finished the week well in the red as fears grew of a potential slowdown for the US economy. Photograph: Jeenah Moon/Getty Images
Luxury goods group Burberry fell nearly 5 per cent after Italian peer Salvator Ferragamo reported a 41 per cent decline in its first-half operating profit. Most European sub-indices traded lower, with the technology sector falling 6.1 per cent, its biggest one-day decline since October 2020, tracking a sell-off on Wall Street.
Among other movers, Dutch specialty chemicals maker IMCD added 6.7 per cent after beating estimates on second-quarter Ebita. Amazon.com slumped 11.7 per cent after the company reported slowing online sales growth in the second quarter and said cautious consumers were seeking cheaper purchase options.
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