European stocks fall as oil and metal losses continue

European shares fell on Thursday, dragged down by the decline in energy and mining shares due to lower commodity prices, amid fears of slowing economic growth, while heavy demand from traders stimulated big moves in stocks.

The pan-European Stoxx 600 index was down 1.1 percent by 0724 GMT, with oil and gas stocks down 1.8 percent and crude oil prices down nearly 2 percent.

Mining stocks fell 2.2 percent, with losses in copper and other metals continuing on growing fears of a recession.

Asian stocks faced a rough session and Wall Street closed lower overnight after Federal Reserve Chairman Jerome Powell said the Fed was “strongly committed” to lowering inflation and that policymakers were not trying to cause a recession in the process.

Investors are awaiting business activity data in the eurozone and Britain for June, due later today, to assess the extent of economic losses from rising inflation and supply chain problems.