European Stocks Record Biggest Ever Weekly Loss in 2023

European stocks fell Friday, ending the week lower, after a batch of US economic data fueled fears that central banks will continue to raise interest rates.

The STOXX 600 closed down 1 percent, giving up gains made earlier in the session after inflation in the United States was greater than expected, fueling fears that the US central bank will have to continue raising interest rates for a longer period in the world’s largest economy.

The European index ended the week down 1.4 percent, and mining stocks were the losers, with metal prices falling in light of weak demand in China and the strengthening of the dollar.