European equity markets extended losses on Friday, with the benchmark Stoxx 600 down more than 1% for the week and down over 3% for the year, as recession fears and hawkish statements from multiple ECB members weighed on investors’ sentiment.
The Globe Bank predicted late Thursday that the world may be on the verge of a recession in 2023 as central banks around the world raise interest rates in reaction to excessive inflation. At the same time, the energy crisis is far from ended, and governments across Europe are bracing for energy rationing.
Domestically, the DAX fell 2.7% for the week and more than 1.5% on Friday alone. Statistically, the Germany Stock Market Index (DE40) peaked in November 2021 at 16290.19. By the conclusion of this quarter, the Germany Stock Market Index (DE40) is predicted to be worth 12590.86 points.