European Stocks React to Fed Minutes with Worst Losses in a Month

Europe’s stock plunged on Thursday, with markets reacting to the release of the U.S. Federal Reserve’s July meeting minutes that showed plans to cut the massive asset purchases later this year or early the next.

A drop in commodity prices also contributed to the losses of the mining sector, with only utilities finishing higher.

The STOXX Europe 600 Index lost 7.18 points, or 1.51%, to settle at 467.24 points or its lowest closing level since August 3.

Today marked the biggest decline for the pan-European index since July 19 and comes following two consecutive rises that were a small rebound after the end of a historic record-breaking activity.

The UK’s FTSE100 index dropped by 1.5%, while the German DAX lost 1.25%.