(Reuters) – European stocks slumped as traders increased their interest rate rise bets in response to hawkish statements from central bank officials. German software giant SAP, and French luxury goods firm Luxottica were also affected. Kering (EPA) dropped after the reporting of first quarter results.

Pan-European fell 0.8% and saw its worst day for more than two weeks. It was expected to finish the week lower.

Jerome Powell of the U.S. Federal Reserve stated on Thursday that an increase in the 50-basis rate “will not be off the table” during the bank’s May 3-4 meetings.

This was in response to Luis de Guindos, vice president of European Central Bank who supported an end for bond purchases last July. The money markets now price in 80 basis points for ECB rate increases by December.

All European subsectors fell, led by losses in tech and retail stocks.

Kering lost 5.3% due to lower sales at Gucci, its crown jewel. This was caused by China’s lockdowns.

SAP lost 2.9% following a revenue hit in the region of 300 millions euros (325.26 Million) due to Russia’s exit.

The 40th percentile fell 1.1% in advance of Sunday’s presidential election.