European Stocks Fall to Lowest Levels in Two Weeks

European stocks declined on Wednesday to their lowest levels in nearly two weeks, with technology and automotive stocks leading the losses as investors worldwide abandoned high-risk assets after Fitch Ratings unexpectedly downgraded the U.S. credit rating. The Stoxx 600 index dropped 1.1 percent by 07:08 GMT, reaching its lowest level since July 20. The index fell about one percent on Tuesday, marking its worst day in nearly a month, after weak manufacturing data raised fears of an economic slowdown. Shares of Siemens Healthineers, the German-American medical device company, plummeted 5.4 percent following an unexpected drop in quarterly operating profits due to declining demand for COVID-19 tests. Hugo Boss, the German fashion house, saw its stock fall 4.1 percent despite raising its full-year forecasts.