European shares fall to their lowest level in three months

European shares fell today to their lowest level in three months as the pan-European STOXX 600 index fell for five consecutive sessions to record losses of nearly 16.5% since hitting a record low in January, amid increasing fears of very high inflation as well as concerns about a global economic slowdown.

The European Stoxx 600 Index (.STOXX) fell 2.4% to its lowest level since March 7, high-growth technology stocks (.SX8P) fell 4.2%, and the Euro STOXX Volatility Index (.V2TX) rose to its highest level in a month. Eurozone banks (.SX7E) fell 3.1%, and the spread between Italian and German bond yields reached its widest since May 2020 sending the Italian Banks Index (.FTITLMS3010) down 3%.