European stocks stabilize before central bank meetings

There was little change in European stocks today, Friday, as investors refrained from making big bets before a series of central bank meetings next week, while luxury goods companies fell after weak business results from LVMH, the leader in the sector.

By 0815 GMT, the European Stoxx 600 was flat, as gains in the energy sector offset losses in the retail trade and healthcare sectors.

According to “Reuters”, LVMH shares fell 1.1 percent, and some analysts expressed disappointment about the company’s profit margins, which dented the luster of the profits achieved in the fourth quarter.

H&M shares fell 6.6 percent after the world’s second-largest clothing retailer reported a much bigger-than-expected drop in operating profit from September to November, due to rising costs and weak consumer confidence.

SABB shares rose 6.9 percent in light of expectations for the Swedish company specializing in the manufacture of aircraft, defense equipment and cars to increase its shipments in a more stable market in the first quarter, while recording profits in line with expectations.

Next week will witness prominent meetings of central banks such as the Federal Reserve, the European Central Bank and the Bank of England.