European stocks edged lower on Friday as Kering's post-results slump, higher oil prices and political uncertainty in France kept sentiment cautious. The STOXX 600 is on course for a weekly decline, while Holcim gained after raising its forecast.
The pan-European STOXX 600 index was down 0.13% at 636.50 points by 0718 GMT. It had logged its biggest one-day drop in three weeks on Thursday, which puts it on course for a weekly decline.
Shares in luxury group Kering slipped 10.4% after third-quarter sales at its flagship Gucci brand fell, undermining hopes of a recovery plan.
In contrast, Holcim gained 5.2%. The Swiss cement maker raised its full-year earnings forecast after reporting better-than-expected quarterly sales and profit.
Optimism over a generally strong European earnings season has been overshadowed by other concerns. Social unrest in France pushed the yield on its 10 year-benchmark note to a 24-year high this week, and a sell-off in AI linked stocks also weighed.
Oil added to the cautious mood. Prices climbed more than 1%, with Brent crude trading at multi-month highs.
Source: Investing.com (Reuters)
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