European shares post worst weekly loss since September as recession fears mount

Irish bank shares rose sharply but international firms like CRH and Kingspan fell by 1% and 2%, respectively.

"There is a very clear emerging consensus that the risk of recession is a concrete risk for next year," said Giuseppe Sette, president at Toggle.

European shares slid, ending the week sharply lower after major central banks flagged further rate hikes, while economic activity data from the eurozone failed to assuage concerns of a looming recession.

The Europe-wide Stoxx-600 index closed 1.2% lower, ending the week with a loss of nearly 3.3%. The index posted its steepest one-day drop since May in the previous session after the European Central Bank joined the US Federal Reserve in saying monetary policy will continue to tighten even at a risk to the economy.