European action has reached its lowest levels

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European equities hit their lowest level in more than a year on Thursday, due to concerns about a slowdown in eurozone business activity, and German equities fell 1.8% after the government sounded the alarm in a emergency plan for gas supply, Reuters reports.

The pan-European STOXX 600 index fell 0.8% and the banking component lost 4.5%. Eurozone bond yields declined, as did the euro.

The German DAX index fell 1.8% to its lowest level in three months. The CAC 40 index of the Paris Stock Exchange decreased by 0.56%, and the FTSE 100 index of the London Stock Exchange by 0.97%.

A survey by S&P Global shows that growth in eurozone activity slowed significantly in June, more than expected, as consumers worried about high bills opted to stay home and avoid spending to save money.

The acquisition intentions index of service industry managers fell to 52.8 from 56.1.

Shares in the sensitive economic sectors, including the automotive, mining and oil and gas industries, fell by 2% -3.6%.

The only sectors where growth was recorded were health, utilities and some luxury brands.