European shares fell to their lowest in two weeks

European stocks fell on Wednesday to their lowest levels in nearly two weeks, with technology and auto stocks leading the losses, as investors globally fled from risky assets after Fitch Ratings suddenly downgraded the credit rating of the United States.

The pan-European Stoxx 600 index fell 1.1% by 0708 GMT, touching its lowest level since July 20.

The index fell nearly 1 percent on Tuesday, its worst day in nearly a month, after weak global manufacturing activity data raised fears of an economic slowdown.

Shares in US-German medical device maker Siemens Healthineers plunged 5.4% after an unexpected drop in quarterly operating profit due to lower demand for COVID-19 tests.

German fashion house Hugo Boss fell 4.1 percent despite raising its full-year forecast.