(Bloomberg) — European stocks declined for a second day, joining a global selloff amid concerns over tech earnings and economic growth, with traders awaiting key US jobs data later.

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The Stoxx 600 was 1.1% lower by 8:10 a.m. in London, with banks among the worst performers as the sector headed for its second-biggest weekly drop of the year. Almost all industry sub groups were in the red, as Europe tracked a slump in Asian and US equities after disappointing updates from tech heavyweights such as Intel Corp. and Amazon.com Inc.

Meanwhile, European earnings continued to roll in, with IAG SA advancing after the airline operator reported earnings for the second quarter that beat estimates and said it’s abandoning a plan to buy a Spanish airline. Axa SA rose after its underlying profit beat estimates and the firm announced it will sell its asset management unit to BNP Paribas SA.

The main regional benchmark is set for a weekly decline as it heads into what has typically been the weakest season of the year as August and September are generally the worst months for the index.

Focus turns later to US monthly jobs data, with economists expecting a moderation in job and wage growth in July. Today’s figures will come after data on Thursday showed US manufacturing activity shrank in July by the most in eight months, raising worries about the health of the economy. Federal Reserve officials signaled this week that they are on course to cut rates in September unless inflation progress stalls — citing risks of further jobs weakening.

“When yields and stocks fall together, macrofunds are usually behind them,” said Guillermo Hernandez Sampere, head of trading at asset manager MPPM. “The Fed’s statements were used as an opportunity to price in the changed expectations. There are signs of a slowdown in the economy, but a hard landing probably should not occur.”

SECTORS IN FOCUS

• European banking shares are likely to be in focus on Friday after a selloff in the sector late Thursday, with traders pointing to a combination of declining central bank interest rates and slowing economic activity.

• The semiconductor sector in Europe may come under pressure during Friday’s trading following an extended slump among global tech stocks. Intel’s plan to reduce capital expenditures may weigh on chip equipment stocks, while Microchip’s weak guidance may impact chipmakers.

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For more on equity markets:

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• US Stock Futures Fall, as Tech Extends Drop Amid Macro Concerns

• Bounceback Barclays: The London Rush

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