European stocks fall 1% on growth worries

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 7, 2021. REUTERS/Staff

(Reuters) – European stocks fell on Wednesday as worries about slowing global growth weighed on sentiment, while investors looked ahead to a European Central Bank meeting for hints on tapering plans.

The Europe-focussed STOXX 600 index fell 1% by 0712 GMT – on course for its biggest daily decline in three weeks – after losses overnight on Wall Street’s benchmark S&P 500 and Asian stocks.

Swedish investment company EQT fell 5.9% after a share placing deal, while Stellantis dropped 2.5% after Dongfeng Motor Hong Kong said it had sold shares in the carmaker for about 600 million euros ($710 million).

French drugmaker Sanofi slipped 1.4% after it agreed to buy U.S. biopharmaceutical company Kadmon Holdings Inc in a $1.9 billion deal.

British industrial technology company Smiths Group rose 3.8% after it agreed to sell its medical unit to U.S.-based ICU Medical Inc for $2.4 billion.

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