The major European stock indices slumped on Friday as investor sentiment was dampened by the tech stock selloff on Wall Street triggered by the fear of AI bubble.
All three major European stock indices closed lower. The FTSE 100 Index fell by 0.56 percent, the Paris CAC 40 dropped by 0.21 percent, and the DAX Index declined by 0.45 percent.
U.S. stocks also ended lower on Friday.
The Dow Jones Industrial Average fell by 245.96 points, or 0.51 percent, to 48,458.05. The S and P 500 sank 73.59 points, or 1.07 percent, to 6,827.41. The Nasdaq Composite Index shed 398.69 points, or 1.69 percent, to 23,195.17.
Six of the 11 primary S and P 500 sectors ended in red, with technology and energy leading the laggards by dropping 2.87 percent and 0.93 percent, respectively.
Meanwhile, consumer staples and health led the gainers by adding 0.93 percent and 0.3 percent, respectively.
European stock markets slump following Wall Street's tech selloff
European stock markets slump following Wall Street's tech selloff
China's development has never been a "threat" to anyone but the source of growth advancing common development of all countries, Foreign Ministry spokesman Lin Jian said at a regular press conference in Beijing on Friday.
Some Western media and think tanks are peddling so-called "China Shock 2.0," saying that "China is achieving fast development in high-tech sectors such as renewable energy and AI and relies on foreign markets to absorb its overcapacity, thus reducing the market share of developed countries and sending more serious shock waves to the global economy compared with the era of traditional manufacture industry," while there are foreign commentators saying that the "China Shock 2.0" argument ignores the genuine innovation occurring within the Chinese industrial ecosystem and that Chinese export is the exact booster of the global economy that is needed in the turbulent period and more indispensable than ever.
Commenting on that, Lin said: "From the world's factory to the world's market and innovation powerhouse, China's development is achieved through strong performance driven by innovation and brings tangible cooperation opportunities and space to the world. High-quality Chinese products represented by the 'old three' of textiles, furniture and home appliances have stabilized the global industrial and supply chain, lowered the living cost of global consumers and eased the inflationary pressure worldwide. China's green production capacity represented by the 'new three' of electric vehicles, batteries and solar panels has bridged the gap between supply and demand in global green development and bolstered the global energy transition and low-carbon development. Moreover, China's high-tech products represented by the 'new new three' of robots, AI and innovative drugs have broken high-tech barriers and monopoly and enabled people in more countries to access affordable new technologies," said the spokesman.
"Openness and cooperation bring about progress and win-win result. China's development has never been a 'threat' to anyone but the source of growth advancing common development of all countries. What really creates 'shocks' to the world has never been the innovation of Chinese companies and efficiency of Chinese industrial capacity, but protectionist moves of setting up barriers, decoupling and severing industrial and supply chains. China will stay committed to high-standard opening up, defend the multilateral trading system and provide more certainty and new impetus to the world economy with its own steady development," said Lin.
China's development never a threat: FM spokesman
