European bourses closed down nearly 5 percent on Friday after China imposed retaliatory tariffs against the U.S.

The pan-European Stoxx 600 index closed down 5%, marking its biggest weekly loss this year, rebounding 8.3% from the previous week.The banking sector lost 8.5%, after a 5.53% drop on Thursday. Banks are considered vulnerable to a slowdown or recession, increasingly likely possibilities for both the U.S. and global economies. Bank of America strategists said on Friday that the banking sector was “among the least prepared for global macroeconomic …

European actions fell this Friday, with the STOXX 600 benchmark and the German DAX confirming the correction territory, as China’s retaliation for U.S. generalized tariffs intensified fears of a global recession caused by the trade war, Reuters reported. China announced a series of responses to Donald Trump’s tariffs, including additional charges of 34 percent on all U.S. products and export restrictions on some rare lands after Washington impos…

Stoxx 600 Index has its worst week this year

The European STOXX 600 index continues its decline, falling 5.3% to its lowest level.