European markets tumble, tracking global momentum; Stoxx 600 down 1.5%; Siemens Gamesa down 15%

The pan-European Stoxx 600 dropped 1.5% in early trade, with basic resources shedding 3% to lead losses as all sectors and major bourses slid into negative territory.

In terms of individual share price movement, wind turbine manufacturer Siemens Gamesa plunged more than 15% after cutting its revenue guidance for 2022, dragging owner Siemens Energy 11% lower. Barely any stocks on the European blue chip index made gains in early deals.

The losses come after sharp declines on Wall Street as rising rates continue to exert downward pressure on technology stocks by making future profits less attractive.