European Shares Headed For a Third Weekly Decline

European shares fell on Friday, heading for a third consecutive week of losses, following reports that a nuclear plant caught fire amid heavy fighting between Russian and Ukrainian forces.

The pan-European STOXX 600 index was down 1.4 percent by 0837 GMT after Asian shares fell to a 16-month low.

The German DAX index fell 2.2 percent to its lowest level in a year, with the auto sector index falling more than 3.6 percent. The French CAC 40 index fell 2.2 percent, while the British FTSE 100 lost 1.4 percent.

European markets are at the center of a sell-off fueled by fears of the region’s geographical proximity to Russia and its heavy dependence on Russian gas imports.

Michelin shares fell 4.7 percent after the French tire maker said it would temporarily suspend production at some of its factories in Europe due to logistical problems.