BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The major European stocks closed lower
on Friday, drifting down for a second straight session, on concerns the Federal
Reserve will likely keep interest rates higher for a longer time. Some
disappointing earnings updates hurt as well.

Interest-rate worries were back in focus after three Federal Reserve officials
said the U.S. central bank should keep borrowing costs high for longer.

China reported mixed economic data, but the country's central bank moved again
to help the struggling property sector, helping ease concerns around economic
recovery.

Closer home, Eurozone CPI was finalized at 2.4% year-on-year in April, unchanged
from March's reading.

France's unemployment rate held steady in the first quarter after rising in the
previous quarter, the statistical office INSEE reported.

The ILO unemployment rate stood at 7.5% in the first quarter, the same as in the
previous quarter. The expected rate was 7.4%.

It was 0.4 points above its first quarter of 2023 level, which, like in the
fourth quarter of 2022, was the lowest since 1982, the agency said.

Earlier today, ECB Vice-President Luis de Guindos said that inflation in the
Eurozone will move near its target of 2% in 2025.

Elsewhere, delivering a speech on the state of the economy, U.K. chancellor
Jeremy Hunt promised further tax cuts if the Conservatives win the general
election.

The pan European Stoxx 600 ended down 0.13%. The U.K.'s FTSE 100 closed lower by
0.22%, Germany's DAX settled 0.18% down, and France's CAC 40 drifted down 0.26%.
Switzerland's SMI, bucking the trend once again, climbed 0.76%.

Other markets in Europe closed mixed. Denmark, Finland, Greece, Portugal and
Sweden ended weak.

Austria, Iceland, Norway, Poland, Russia, Spain and Turkiye closed higher, while
Belgium and Netherlands ended flat.

In the UK market, Antofagasta and Fresnillo climbed 3.55% and 3.36%,
respectively. Rio Tinto ended nearly 2.5% up. Sage Group, Anglo American Plc,
Tesco, Smith (DS), BT Group and United Utilities also ended notably higher.

Entain dropped about 5.5%. Ashtead Group drifted down 4.51%, while Burberry
Group, JD Sports Fashion, Spirax-Sarco Engineering and Flutter Entertainment
closed lower by 2 to 3.5%.

Auto Trader Group declined sharply following a rating downgrade by Morgan
Stanley. Land Securities dropped more than 2% after annual earnings from rental
income dropped to £371 million from £393 million in 2023.

In the German market, Commerzbank, Symrise and Deutsche Boerse gained 1.6 to 2%.
Covestro, Daimler Truck Holding, Munich RE and Deutsche Telekom posted moderate
gains.

E.ON dropped more than 5%. Zalando, Sartorius, Fresenius Medical Care, Siemens
Healthineers, MTU Aero Engines, Fresenius, HeidelbergCement, RWE, Siemens
Energy, Siemens, Deutsche Bank, Porsche and Continental also ended notably
lower.

In the French market, Carrefour, Credit Agricole, Michelin, Essilor, BNP
Paribas, Vivendi, Renault and TotalEnergies closed on firm note.

Teleperformance, Kering, Legrand, Stellantis, Eurofins Scientific, Schneider
Electric, L'Oreal, Sanofi, Publicis Groupe, Edenred and STMicroElectronics lost
1 to 3%.



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX