European stocks fell on Friday, dragged down by technology and sportswear producers. Investors weighed the potential disruption to global trade due to the Red Sea attacks and looked to key US inflation data to support bets on interest rate cuts next year.
By 0817 GMT, the European STOXX 600 index fell 0.2 percent, recording the weakest weekly performance in six years.
Dutch company Prosus shares fell 14.5%, pushing the technology sector down 1.2%.
The personal care and household goods sector fell 0.6%, with Adidas and Puma shares falling 6.1% and 4.4%, respectively, after its American competitor Nike lowered its annual sales expectations.
JD Sports shares fell 4.9%, while the broader retail sector lost 0.9%.
The main focus before Christmas will be the US core CPI, the Fed’s preferred measure of inflation, which will be released later in the day.
Two new shipping companies, including Germany’s Hapag-Lloyd, said they would avoid the Red Sea after attacks by Yemen’s Houthi group on ships disrupted global trade and led to the creation of a maritime task force. Hapag-Lloyd shares rose 1%.
“Certified tv guru. Reader. Professional writer. Avid introvert. Extreme pop culture buff.”
More Stories
AI Startup: Here are eight startup ideas
Di Giannantonio (Ducati): “Crazy with technology” / Motorcycles
Huasun offers 0BB heterojunction solar modules with modern zero busbar technology