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European stocks close lower as the euro continues to decline
European stocks closed lower as the euro continued to decline against the dollar, while technology companies saw gains.
European stocks fell on Wednesday, after negative sentiment overwhelmed the markets, continuing the atmosphere witnessed in the previous trading session.
The European Stoxx 600 index closed 0.5% lower, after rising earlier in the day.
Automotive, travel and entertainment stocks fell by 1.23% and 1.76%, respectively, while the technology sector was the only sector in the green zone, rising by 0.36%.
The euro suffered losses for the second day in a row against the US dollar.
The single European currency index fell by about 0.3% as investors anticipate political risks and prepare for new US inflation data that will be released on Friday.
In other European markets, the German DAX index closed flat, the French CAC index lost by about 0.69%, and the British FTSE index fell by about 0.27%.
Volkswagen shares fell 1.64% after the German automaker announced a $5 billion investment in US-listed electric vehicle startup Rivian, which jumped nearly 30%.
