London--March 2--Once again there was no reprieve for European stock markets as a series of downgrades on key U.S. technology stocks hit Wall Street in early trading and ensured a weak end to the week in Europe. Telecoms stocks remained under pressure, and some "defensive" stocks such as U.K. banks joined in the retreat. The U.K.'s FTSE-100 fell to a new 16-month intra-day low, and German blue chips fell to their lowest level for over a year. The FTSE Eurotop 100 Index was down 26 points, or 0.8%, at 3201.