European shares slump on risk-off mood after US selloff

European Stock Market Decline: European stocks fell to a two-week low due to concerns over a potential slowdown in the U.S. economy and weak manufacturing data from China, with the pan-European STOXX 600 index dropping 1% and all major markets experiencing losses.

Sector Performance and Economic Outlook: Semiconductor companies were notably affected, with ASML Holdings declining nearly 5%. Despite current selling pressures, European equities remain 7.5% higher for the year, buoyed by expectations of lower borrowing costs in 2024, although underlying demand in the euro zone remains weak.