European stocks closed firmly lower on Wednesday, extending the drop from the prior session as markets continued to assess the outlook for ECB policy and the impact of tariff threats from the upcoming US presidential administration.
The Eurozone's Stoxx 50 dropped 0.6% to close at 4,734 and the pan-European Stoxx 600 eased 0.2% to close at 505. ECB Governing Council member Schnabel noted that the Eurozone's economy is not headed into a recession, warranting caution in its upcoming policy decisions to not overly expedite rate cuts.
French financial services providers were among the worst performers as a potential government collapse over the 2025 budget bill drove OATs to plunge. AXA sank 4.7% and BNP Paribas lost 1%. In turn, ASML fell 2% to lead the losses for tech shares.
Source: Trading Economic
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