European stocks plunge on recession fears

Investing.com -- European stocks opened sharply lower on Monday, amid a steep selloff in global equity markets amid fears of a potential U.S. recession.

The DAX in Germany tumbled 2.3%, the CAC 40 in France dropped 2.2%, and the FTSE 100 in the U.K. declined by 2.1% at 03:47 ET (07:47 GMT).

The losses came after steep falls in Asian market overnight, with Japan's Nikkei tumbling 13% to hit nine-month lows, entering bear market territory and marking its biggest one-day percentage drop since October, 1987.

Markets were gripped by fears after Friday's weaker-than-expected nonfarm payrolls data ramped up concerns that the Federal Reserve has keep interest rates high for too long for the economy to see a soft landing.

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