Tuesday, February 20, 2024

European shares suffer first weekly loss in 8 weeks, Reuters reports

Date:

© Reuters. An electronic board displays stock indices at the Frankfurt Stock Exchange in Germany on Thursday. Photo: Reuters.

(Reuters) – European stocks fell amid a broader market slide on Friday, heading for their first weekly loss in eight weeks, as investors looked to inflation data in the region and U.S. jobs data to clarify the outlook for monetary policy.

The European index lost 0.5 percent at 0810 GMT, and is headed for a 0.8 percent weekly decline in a volatile start to 2024 after eight straight weeks of gains as challenges to easing monetary policy mount.

The retail and technology sectors led the decline, falling about 1 percent each.

Signify shares lost 1.9 percent after Barclays ( LON: ) covered shares in the world's largest lighting equipment maker.

Endeavor Mining shares fell 9.6 percent after CEO Sebastian de Montessos was fired with immediate effect.

Shares of Netherlands-based pharmaceutical company Redcare rose 3.6 percent, with Berenberg raising its rating on the stock to “buy from hold.”

Eurozone consumer and producer inflation reports and data on US non-farm payrolls are scheduled to be released on Friday, which will play a key role in investors' assessment of when the European and US central banks will cut interest rates this year.

(Produced by Muhammad Harfouch for Arabian Bulletin – Editing by Rehab Ala)

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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