European stocks caught in global selloff on recovery concerns By Reuters

(Reuters) – European stocks fell on Thursday, with cyclical stocks such as miners, automakers, and banks leading early declines, as global mood soured on economic recovery worries.

The pan-European STOXX 600 index dropped 0.7% by 0711 GMT after Asian markets tumbled on concerns about China’s recovery and tighter regulation on technology companies. [MKTS/GLOB]

In Europe, interest rate-sensitive banking shares fell as government bond yields extended their decline. An index of the euro zone banks was down 1.5% as falling rates hurt profit margins. [GVD/EUR]

Miners and automakers also fell more than 1%.

German automotive lighting group Hella slipped 1.5% after brakes maker Knorr-Bremse dropped plans to acquire a 60% stake in the company. Knorr-Bremse shares jumped 8.5%.

Remote connectivity software specialist Teamviewer tumbled 9.4% on reporting weaker-than-expected billings growth in the second quarter.

In the UK, Deliveroo rose 2.3% after it posted 88% jump in orders during the June quarter.