European shares tumbled to a near six-month low at the start of the week amid a global sell-off in equities on fears of a slowdown in U.S. economic growth.

The pan-European STOXX 600 index was down 3.1% to 482.42 points by 0711 GMT, hitting its lowest since Feb. 13. The benchmark is also set for its worst day in 2-1/2 years.

The index saw its worst week in nearly 10 months on Friday and fell below the 500-mark for the first time since April 15.

Fears that the U.S. could be heading towards a recession have sent investors dashing away from risk assets.

All major European bourses opened in the red.

European shares tumble as global equity rout amplifies

Financial sectors were hit the most on the day. Banks lost 4.2%, financials services shed 3.6% while and the tech sector slipped 5%.

Among individual stocks, Galderma gained 2.2% after L’Oreal said it would acquire a 10% stake in the Swiss skincare firm from a group of major shareholders.

OCI Global jumped 7.3% after Woodside Energy said it would acquire the Dutch chemicals maker’s clean ammonia project in Texas for $2.35 billion.