European stocks close lower as euro zone falls into double-dip recession; Barclays down 7%
European stocks closed lower on Friday after data showed a contraction in euro zone economic growth in the first quarter.
The pan-European Stoxx 600 ended down more than 0.3%, with most sectors in negative territory and major bourses pointing in opposite directions. Mining stocks led the losses, down 1.8%.
The euro zone’s gross domestic product fell 0.6% in the first quarter, according to preliminary data released by Europe’s statistics office Eurostat on Friday morning. It means that the bloc suffered a second technical recession in just over a year, although economists are hopeful of an economic recovery in the coming months.
Reference: CNBC
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