European stocks fell to two-week low

European stocks fell today, Wednesday, to their lowest levels in nearly two weeks, with technology and auto stocks leading the losses, as investors globally fled from risky assets after Fitch Ratings agency suddenly downgraded the credit rating of the United States.

According to “Reuters”, the European Stoxx 600 index fell 1.1% by 0708 GMT, touching its lowest level since July 20.

The index fell nearly 1% on Tuesday, its worst day in nearly a month, after weak global manufacturing activity data raised fears of an economic slowdown.

Shares in US-German medical device maker Siemens Healthcare fell 5.4% after an unexpected drop in quarterly operating profit due to a drop in demand for COVID-19 tests.

German fashion house Hugo Boss fell 4.1% despite raising its full-year forecast.