12:12 PM EDT, 04/04/2025 (MT Newswires) -- The European stock markets nosedived in Friday trading amid a global selloff sparked by newly imposed US tariffs as the Stoxx Europe 600 shed 5.01%, Germany's DAX dropped 4.95%, the FTSE 100 in London lost 4.95%, France's CAC 40 fell 4.26%, and the Swiss Market Index sank 5.14%.

Eurozone construction activity decelerated in March from February, and remained mired in Contraction, according to the HCOB Eurozone Construction PMI Total Activity Index, which gauges monthly changes in industry activity. The index rose to 44.8 from 42.7 in February, but was still well below the 50-point threshold separating contraction from expansion.

Meanwhile, construction activity in the UK followed the same pattern in March as the headline S&P Global UK Construction Purchasing Managers' Index rose to 46.4 from 44.6 in February, but remained firmly in contraction territory.

And in corporate news, HSBC and Lloyds Banking Group are providing about 600 million British pounds ($781 million) of debt financing for the acquisition of UK-based safety systems firm Kee Safety by 65 Equity Partners and Inflexion, Bloomberg News reported Friday, citing people familiar with the matter. Inflexion declined to comment, while HSBC, Lloyds, Kee Safety, and 65 Equity did not immediately respond to MT Newswires' requests for comment.

Shares of HSBC and Lloyds closed 5.6% and 6.7% respectively on the FTSE in London, along with the rest of the European financial services sector, which is reeling from newly imposed US trade tariffs that have sparked a global selloff. Deutsche Bank and Commerzbank closed 9.8% and 4.9% lower respectively on the DAX. And in Paris, Societe Generale and BNP Paribas sank more than 10% and 6.8% respectively, while Credit Agricole lost 4.5%.

Astrazeneca's Imfinzi in combination with chemotherapy has been approved in the European Union for the treatment of adults with operable non-small cell lung cancer. The specific indication for the treatment of patients at high risk of recurrence and no epidermal growth factor receptor mutations or anaplastic lymphoma kinase rearrangements, the company said Friday.

Shares of AstraZeneca fell 4.4% in London.

BP said Friday that its board had initiated a succession process to appoint a new chair after Helge Lund is likely to step down in 2026. The company said Senior Independent Director Dame Blanc will lead the process with support from the broader board.

Shares of BP dropped 7.4% in London.