Some downbeat economic data sparked a heavy selloff in U.S. stocks Wednesday, which spread amid concerns over growth in the world's largest economy.
Adding to those tensions were the fresh worries in the Middle East, as Saudi Arabia and other Gulf states launched airstrikes against rebel forces in Yemen's capital. Oil prices jumped, with Brent crude climbing more than 5% to $59.40 a barrel Thursday.
The Stoxx Europe 600 dropped 1% in early trading, with only energy stocks the only sector to rise, adding 1.7%.
Germany's DAX index lost 1.5%, France's CAC 40 fell 0.7%, and the U.K.'s FTSE 100 was down 0.6%.
"Politics is back, though arguably it never went away. Markets have reacted in a [generally nervous] manner to news of fighting in Yemen," said UBS economist Paul Donovan.
In currency markets, the euro added to its recent gains against the dollar following Wednesday's weak U.S. durable goods data.
The single currency was 0.7% higher against the buck at $1.1037, extending its rebound from less than $1.05 earlier this month. The euro's recovery has come amid an improvement in European data, and a feeling amongst many market participants that the currency had fallen too far, too fast this year.
"The countermove in euro-dollar which we have been witnessing recently was more than overdue," said Commerzbank currency strategist Lutz Karpowitz.
Data on Thursday showed German consumer confidence rising to its highest level since 2001.
The gains for the euro came amid broad weakness for the dollar, which also fell against the yen and the pound.
In commodities markets, gold was up 0.9% at $1,207.50 an ounce.
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(END) Dow Jones Newswires
March 26, 2015 05:50 ET (09:50 GMT)
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