European stocks down, retail firms under pressure as shopping ‎season kicks off

European stocks fell today, Friday, as retail companies came under pressure following the start of the holiday shopping season, amid fears of a sharp slowdown in the global economy and a significant rise in inflation.

According to “Reuters”, the Stoxx 600 index fell by 0.1 percent by 0811 GMT, to settle below the highest level in three months, which it recorded earlier this week.

The European retail index fell 0.6 percent on Friday, which falls on (Black Friday), and marks the start of the holiday shopping season. This year comes amid an exacerbation of the living crisis and preoccupation with the FIFA World Cup.

This indicator is among the worst performing in Europe, as it has declined by 32% since the beginning of the year

Despite Friday’s decline, the STOXX 600 index is preparing to record gains for the sixth consecutive week, supported by indications that the Federal Reserve (the US central bank) may ease the pace of raising interest rates.

Data published on Friday showed that the German economy grew slightly higher in the third quarter than initially estimated, supported by consumer spending.