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European Stocks Decline as Yields Drop Amid Recession Concerns

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European stocks resumed losses, sinking to the lowest since February 2021 as a sharp slowdown in euro-area economic expansion renewed concerns that a recession is looming and fueled a rally in government bonds. 

The Stoxx Europe 600 Index dropped 0.8% by the close in London after briefly erasing declines around midday. Banks and automakers fell the most, while consumer products and utilities gained. The Stoxx 600 is now about 19% below its January record high, on the brink of a bear market.