European Stoxx 600 falls 1.5% in biggest drop since March
European stocks just saw their biggest drop since March, with the Stoxx 600 index falling 1.5% on Friday.
Sectors like banks, utilities, and real estate were hit hardest, while energy shares actually gained thanks to rising oil prices.
Mining companies struggled too, as gold and copper prices slipped.
Oil tops $109 amid inflation fears
Oil prices shot past $109 a barrel after Donald Trump said the US isn't reliant on the Strait of Hormuz, fueling worries about inflation.
Plus, markets weren't thrilled by little progress at Trump's meeting with China's Xi Jinping over the Iran war.
With money markets pricing about three interest-rate hikes this year from the European Central Bank and the Bank of England, investors are bracing for higher borrowing costs, so many are moving money into safer sectors like health care and consumer staples.