European markets retreat

European stocks retreated on Wednesday as the positive trend seen in global stocks in recent days faded, reports CNBC.
The pan-European Stoxx 600 was down 0.9 per cent by mid-afternoon. Autos dropped 3.5 per cent to lead losses as the majority of sectors and all major bourses slid into the red.
Oil and gas stocks were the only sector in the red Wednesday afternoon, trading up 0.7 per cent.
After a mildly negative start to trading, markets sold off further on Wednesday following September's euro zone PMI reading, which cemented fears of a recession across the 19-member currency bloc.
The declines on Wednesday came after European markets rallied during the previous session, with the European blue chip index closing 3 per cent higher. Travel and leisure stocks jumped 6.1 per cent to lead gains as all sectors and major bourses closed in positive territory.
A weakening in the most recent job openings data prompted some investors to consider whether the Federal Reserve would slow the pace of interest rate hikes, reducing the likelihood of a deeper recession.
Meanwhile, the British pound dipped to $1.1291 in Wednesday afternoon trade following a speech by British Prime Minister Liz Truss, who doubled down on her market-roiling tax-cutting agenda.
"She may have hoped that her triple promise of growth would have calmed markets further but with nothing new to offer the table, her words have not had the desired effect so far," Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown said.
"The pound dipped below $1.14, hovering around $1.135 and 10 year gilt yields lifted a little to whisker under 4 per cent," she added in a note at 12.45pm local time.