Europe close: Stocks edge lower but end week with large gains
European stock markets edged back on Friday with a much stronger-than-expected reading for US consumer confidence prompting investors to pause for breath.
The pan-regional Stoxx 600 index dipped 0.11% to 460.83 with only France's benchmark index finishing in the green from among the regional bourses.
Nonetheless, stocks across the Continent had all enjoyed big gains for the week as a whole.
That was thanks to US data earlier in the week showing inflation and producer prices both came in cooler than expected.
According to some economists, those reports suggested a significant slowdown in inflation in the world’s largest economy.
Yet on Friday the University of Michigan reported that its gauge of consumer sentiment hit its strongest level since September 2021.
Brent oil prices rose beyond $80 a barrel driven by supply disruptions in Libya and Nigeria and slowing Russian output.
The Eurozone's trade deficit was almost eliminated in May, according to non-adjusted data published on Friday, as exports of chemicals and machinery picked up imported energy products fell.
The seasonally-unadjusted trade balance was a €0.3bn deficit in May compared with a €30.3bn shortfall a year earlier.
In equity news, shares in Nokia slumped 9% as the Finnish telecoms giant cut its annual outlook, while Swedish rival Ericsson was also out of favour as it reported plunging quarterly profits on the back of a slowdown in consumer spending.
Shares in Swedish firm Lifco retreated 6% after half-year results, while Norwegian conglomerate Orkla rose 5% after an incrase in second quarter operating revenues.
Asset manager Ashmore fell 8% after reporting a $1.8bn decease in assets under management for the quarter to end-June, saying investors had cut exposure to emerging markets against the uncertain global macroeconomic backdrop.