European markets slip as STOXX 600 drops to 648 points
The pan‑European STOXX 600 index closed down 1% at 648.33 points on 7 Nov. German insurers fell 2.6% after JPMorgan downgraded several reinsurers, with Hannover Re, Munich Re and Swiss Re losing 4.3%, 4.4% and 4.6% respectively. Teleperformance shares tumbled 15.3% following a revenue outlook cut. Clean‑energy names rose, led by Orsted up 1.2% and Nordex up 5%. Travel‑sector stocks gained 0.9% on expectations that a U.S. election outcome could ease Middle‑East tensions and lower oil prices.
Key facts
- Samsung Electronics shares fell nearly 10% amid the AI‑related sell‑off.
- SK Hynix shares dropped over 11% in the same AI‑related sell‑off.
- The Nasdaq fell 5.52%, erasing about $2.5 trillion in market value.
- The S&P 500 index plunged 4.4% on Thursday.
- Japan's Nikkei 225 fell 5.5% in early trade.
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Why it matters
The moves signal heightened risk aversion in Europe and pressure on insurance and tech sectors.
What changed
First published from DW and The Economic Times