European Stocks Continue Losses Amid Economic Slowdown Concerns

European stocks continued their losses for the sixth consecutive session on Wednesday, as concerns related to the global economic slowdown and rising crude oil prices, which are leading to inflationary pressures, deterred investors from taking risks. As of 07:13 GMT, the Stoxx 600 index fell by 0.5%, hovering near its lowest level in a week. Market sentiment soured globally as Brent crude surpassed $90 on Tuesday after Saudi Arabia and Russia extended voluntary supply cuts, fueling fears of ongoing price pressures. Sentiment was also affected by the announcement from Germany's Federal Statistical Office on Wednesday that factory orders fell more than expected in July. Telefonica's shares rose by 3.2% after Saudi Telecom Company (STC) acquired a 9.9% stake in the Spanish telecom giant for €2.1 billion ($2.25 billion), making it the largest shareholder.