LONDON — European markets mover lower Friday as investors digested a slew of central bank rate decisions this week and their impact on the global economy.
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The pan-European Stoxx 600 index was down 0.47% in early deals, as most sectors and major bourses traded in the red. Household goods were also 1.34% lower, while tech stocks lost 1.08%.
Auto stocks shed 3.59%, led by Mercedes, which slumped 8.3% after it cut its 2024 guidance in light of weaker demand from China. Carmakers Volvo and Stellantis also moved down 4.38% and 2.97%, respectively.
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Shares of British fashion house Burberry also fell 3.6% after Jefferies downgraded the stock to underperform from hold and lowered its price target. That comes as the company was officially removed from FTSE 100 on Friday, as its share price has floundered.
The regional benchmark closed higher Thursday, after the U.K.'s Bank of England and Norway's Norges Bank both held rates steady, drawing a contrast with the U.S. Federal Reserve's bumper rate cut a day prior.
Asia-Pacific markets extended momentum from Wall Street and moved higher during Friday's session, after both the Bank of Japan and the People's Bank of China also stood pat on rates.
Money Report
U.S. futures were little changed after Thursday's rally, which saw the 30-stock average closed at a new record.
Back in Europe, U.K. retail sales rose by a better-than-expected 1% in August, fresh data from the Office for National Statistics showed.
European consumer confidence data is due later in the session. There are no corporate earnings.
