European stocks closed lower Wednesday, with technology stocks leading the decline after global markets were hit by fears of an imminent slowdown in the United States and weakness in the Chinese economy.
The pan-European Stoxx 600 index fell 1 percent, with all major markets in the region falling between 0.5 percent and 1 percent.
In turn, European technology stocks led the declines, with the sector falling more than 3 percent to near a one-month low, following a sell-off in technology stocks on Wall Street after a series of weaker than expected economic data.
Manufacturing activity in China also fell to a six-month low in August, pressuring shares of luxury goods companies in Europe such as LVMH Holdings, Richemont and Christian Dior, which fell between 3 percent and 5.8 percent.
Shares of ASML Holdings fell about 6 percent, making it the biggest decliner on the Stoxx 600, after UBS downgraded the chipmaker.
Source: Qatar News Agency