European Stocks End Week Lower
European stocks extended losses on Friday, with the Stoxx 50 falling around 0.5% to a more than four-month low and recording a weekly decline of over 2%. The broader Stoxx 600 also dropped 0.5% to a two-week low, ending the week down more than 1.5%. Germany, the UK and France led Friday’s declines, while Spain and Italy posted modest gains. Industrial goods and services, automobiles and parts, telecommunications, and consumer goods fell more than 1%, while banking, technology, travel and leisure, and media stocks also weakened. Energy stocks outperformed, gaining nearly 3% as Brent crude reached new highs amid escalating attacks on Saudi Arabia. Corporate earnings drove significant individual moves. Kering plunged more than 15% as Gucci sales declined, while Volvo Cars dropped nearly 25% following a sharp fall in Chinese sales. Safran lost 10% despite higher sales, whereas L’Oréal climbed over 5% on stronger-than-expected third-quarter results.
European stocks extended losses on Friday, with the Stoxx 50 falling around 0.5% to a more than four-month low and recording a weekly decline of over 2%. The broader Stoxx 600 also dropped 0.5% to a two-week low, ending the week down more than 1.5%. Germany, the UK and France led Friday’s declines, while Spain and Italy posted modest gains. Industrial goods and services, automobiles and parts, telecommunications, and consumer goods fell more than 1%, while banking, technology, travel and leisure, and media stocks also weakened.
Energy stocks outperformed, gaining nearly 3% as Brent crude reached new highs amid escalating attacks on Saudi Arabia. Corporate earnings drove significant individual moves. Kering plunged more than 15% as Gucci sales declined, while Volvo Cars dropped nearly 25% following a sharp fall in Chinese sales. Safran lost 10% despite higher sales, whereas L’Oréal climbed over 5% on stronger-than-expected third-quarter results.