European Stocks Down Ahead of ECB Meeting

European stocks fell, as concerns about slowing global growth weighed on sentiment, while investors’ eyes turned to the European Central Bank meeting for indications on plans to reduce stimulus.

The European Stoxx 600 index fell by 1% and is on track to record its largest daily drop in three weeks, after losses incurred overnight by the S&P 500 index on Wall Street and Asian stocks.

Swedish investment firm EQT fell 5.9% after a share deal, and Stellantis fell 2.5% after Hong Kong’s Dongfeng Motor said it had sold shares in the carmaker for about 600 million euros ($710 million).

Shares of French drugmaker Sanofi fell 1.4% after it agreed to buy American biopharmaceutical company Cadmon Holdings in a deal worth $1.9 billion.

British industrial technology firm Smiths Group rose 3.85 after it agreed to sell its medical unit to US-based ICU Medical for $2.4 billion.