European stock markets opened on Friday with other global markets. The broad Stoxx 600 index was down 1.1 percent after half an hour of trading.
Shares of companies producing consumer goods and services are the strongest, with an average decline of more than 2%. Retail sales and shares of energy companies also fell by more than one and a half per cent.
Investors were frightened by the weaker-than-expected growth of luxury goods company Kering. Sales of the company’s major brand, Gucci, rose 13 percent in the first quarter, after analysts had expected growth of 19 percent. According to the company, the problem is China’s restrictions. Weak news has also been received in the past from other brand companies. Kering’s share prices fell more than 5 percent
Governor of the United States Central Bank Jerome Powell said on Thursday that the central bank is working to speed up its monetary tightening.
The market has expected an increase in the key interest rate at every meeting this year. It is now expected that the one-off increases at subsequent meetings will be half a percentage point or even 0.75 percentage points instead of the normal 0.25 percentage points. The ten-year US interest rate is already falling three percent.
The governors of the European Central Bank have also been accelerating the tightening of monetary policy.
The Wall Street market, which was still rising at the time of the closure of Europe yesterday, ended in a clear decline and the S&P 500 fell 1.5 percent. The decline continued in the Asian markets in the morning.
Index futures predict that Wall Street will continue to fall slightly in the afternoon.