European Stock Markets Plunge Amid Technology Losses

The European benchmark stock index, STOXX 600, dropped over 1% on Thursday, primarily due to losses in the technology sector. The decline followed a similar downturn in Asian markets and a slide in Nasdaq. Key sectors impacted include tech, resources, and banks, amid a volatile trading week.

Europe's benchmark stock index, STOXX 600, dropped over 1% on Thursday, led by substantial losses in the technology sector. This decline threatens to erase all the gains from the previous session, reflecting the pessimistic sentiment also observed in Asian markets.

By 0830 GMT, the pan-European STOXX 600 was down 1.1%, counteracting a 1.5% rise from the day before. Tech stocks were a significant drag, losing 1.8%, following a downtrend in Asian tech equities and an overnight 1.1% decrease in the Nasdaq.

Other sectors also suffered; basic resources fell by 1.5% due to subdued copper prices and a bleak global growth forecast, while banks dropped 1.3% as Poland's Pekao posted a 19% drop in its second-quarter net profit. British banks NatWest Group and Standard Chartered saw declines of 3% and 2%, respectively, as they traded without entitlement to their latest dividend payouts.

(With inputs from agencies.)