European stocks posted their worst week since August as a risk-off mood hit some of this year's biggest winners on concerns about lofty technology valuations and an uncertain US monetary policy outlook.
The Stoxx Europe 600 Index was down 0.3% by the close, extending losses since Monday to 2.2%. The index came off session lows after Federal Reserve Bank of New York President John Williams said he sees room for the US central bank to cut interest rates again in the near term.
Energy and technology stocks tumbled the most on Friday, while defensive sectors including food and beverage as well as personal care outperformed. Media and travel were also among the biggest gainers. The defensive Swiss Market Index rose 0.7%, benefitting from demand for havens.
Siemens Energy AG dropped 10% even after the company announced its largest share buyback, as investors booked profits in some of this year's strongest winners. ASML Holding NA, the biggest gainer on the index by points this year, fell 6.3%.
Source : Bloomberg
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