European stocks continue their losses affected by fears of an economic slowdown

European stocks extended their losses for the sixth straight session on Wednesday as concerns about the global economic slowdown and rising crude oil prices leading to inflationary pressures made investors reluctant to take risks.

By 0713 GMT, the STOXX 600 index was down 0.5 percent, hovering near its lowest level in a week.

Sentiment was tense in global markets, with the price of Brent crude exceeding $90 on Tuesday after Saudi Arabia and Russia extended voluntary supply cuts, fueling fears about continued price pressures.

Sentiment was also affected by the German Federal Statistics Office announcing on Wednesday that factory orders fell more than expected in July.

Telefonica shares rose 3.2 percent after Saudi Telecom Company (STC) acquired a 9.9 percent stake in the Spanish telecommunications giant for 2.1 billion euros ($2.25 billion), in a move that makes it a shareholder. the biggest.