Frankfurt (Reuters) - A record fall in Siemens Energy shares scared off investors on Europe's stock exchanges on Friday.

The Dax slipped one percent to 15,829 points, bringing its weekly loss to 3.2 percent. The EuroStoxx50 lost 0.8 percent. The US stock markets were also down on Wall Street.

Following the cancellation of the annual forecast, the shares of the energy technology group fell by 37.3 percent to 14.65 euros - according to Reuters calculations, the third largest daily loss of a DAX company ever. More than 6.3 billion euros in stock market value was destroyed as a result. At Siemens Gamesa, the wind power business of Siemens Energy, there are apparently more profound problems than expected. "Gamesa was completely taken over at the beginning of the year, but has so far proved to be a black hole in the balance sheet," said analyst Jürgen Molnar from RoboMarkets. The decisive factor now is whether Siemens Energy can get the problem child under control.

The disappointment of investors weighed on the entire sector. The shares of wind turbine manufacturer Nordex lost 5.8 percent in the MDax. The shares of Danish wind turbine manufacturer Vestas slipped by 6.6 percent on the Copenhagen stock exchange. Shares in SMA Solar, on the other hand, rose sharply after a forecast increase and climbed 16.5 percent to 102 euros. The high demand for solar technology is currently giving the company a boost. The manufacturer of inverters is therefore more optimistic about the year as a whole.

INTEREST RATE POLICY SLOWS DOWN STOCK MARKETS

In addition to Siemens Energy, rising interest rates in many countries are also weighing on the stock market. "Hopes of an imminent interest rate cut have burst like a soap bubble," said Christian Henke from broker IG. Fed Chairman Jerome Powell had brought investors back down to earth rather rudely. In addition, some central banks, including the Bank of England, had raised interest rates more sharply than expected in the fight against inflation. Investors fear that an overly aggressive interest rate policy could have a lasting negative impact on the global economy.

Investors saw this assumption confirmed by the latest economic data from the eurozone. The Purchasing Managers' Index for the private sector - industry and service providers combined - fell surprisingly sharply in June to 50.3 points from 52.8 points in May. The barometer, which is closely watched on the financial markets, is therefore only just above the growth threshold of 50 points. On the currency markets, the euro fell by 0.6 percent to 1.0887 dollars.

On the bond markets, more and more bond investors are betting on a deep recession in Germany. Although bond yields have been pointing to this for around a year, on Friday they were as clear as they were last in 1992. "The signals cannot be overlooked that the central banks are prepared to raise interest rates to a level at which something could go wrong or at least a more severe economic slump could follow," said Commerzbank investment strategist Christoph Rieger.

Fears of recession also spread on the oil market. Brent North Sea oil traded 0.9 percent weaker at 73.47 dollars per barrel. The price of US oil WTI fell by 1.1 percent to 68.78 dollars per barrel. Oil prices have fallen by around four percent since the beginning of the week.

(Report by: Anika Ross, Daniela Pegna, edited by Birgit Mittwollen; If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets)).